On Thursday, shares of Hershey (NYSE: HSY) fell 2.9%, following the confectionary and snack-food giant's release of its second-quarter 2023 report.

The company behind such iconic brands as its namesake brand, Reese's, and Twizzlers slightly missed Wall Street's expectation for revenue and exceeded it for adjusted earnings. Management also gave a small boost to its 2023 adjusted earnings guidance, though it left the top-line expectation unchanged.

So why did shares decline 2.9% on Thursday? Revenue was probably the main culprit, as the quarter's top line fell a bit short of the analyst consensus estimate and management did not increase its 2023 revenue guidance. Moreover, some investors might have preferred to see the quarter's revenue increase come at least partially from volume gains, rather than entirely from price increases. 

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Source Fool.com