Why Vita Coco Stock Is Sinking Today
Shares of Vita Coco (NASDAQ: COCO) were down 7.2% as of 11:45 a.m. ET Thursday, according to data provided by S&P Global Market Intelligence, undoing a gain from the previous day that was driven by a strong third-quarter earnings report. While Vita Coco reported strong revenue growth, beat analyst expectations across the board, and raised its full-year guidance, Wednesday's gain was essentially erased.
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The beverage company reported revenue of $182 million in the third quarter, up 37% year over year and $25.5 million higher than the average analyst estimate. Earnings per share came in at $0.40, up 25% year over year and $0.11 better than analyst expectations. Sales of coconut water surged by 42%, and the company expects high-teens growth for the core product this year.
Source Fool.com
