Why The ODP Corporation Stock Soared on Thursday
Shares of The ODP Corporation (NASDAQ: ODP), owner of brands like Office Depot and CompuCom, soared on Thursday after the company reported results for the third quarter of 2020. Total revenue was down year over year but up from last quarter, which investors viewed positively. Furthermore, its profit came in better than expected, leading to the stock's 18% rise for the session.
For Q3, ODP Corporation's revenue fell 9% year over year to $2.5 billion. Sales in its retail division were only down 3%, reflecting a rebound in consumer spending. But in its business solutions division, sales fell 11%. While revenue was down, investors appear to like how it's trending. The company's Q3 revenue jumped 18% from the second quarter, demonstrating things are improving.
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Source Fool.com
