Here's Why NOW Inc's Stock Is Sinking Today
Shares of NOW Inc. (NYSE: DNOW) slumped on Wednesday and were down more than 10% by 10:30 a.m. EDT. Driving the decline was the company's poorly received third-quarter results.
NOW's financial results continued their slow recovery. Revenue climbed 34% versus last year's third quarter to $679 million and was 7.1% higher than in the second quarter. That said, analysts were expecting a bit more as the company missed the consensus estimate by about $4.6 million. However, it did meet expectations on the bottom line, though the company still reported an adjusted net loss of $0.03 per share. That was an improvement from both last quarter and the year-ago period. Further, the company posted $5 million in EBITDA, which was the first time it reported positive underlying earnings in quite a while.
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Source: Fool.com
