Why AeroVironment Stock Just Got Destroyed

Investors shot shares of defense contractor and unmanned aerial vehicles manufacturer AeroVironment (NASDAQ: AVAV) out of the sky on Tuesday, and the stock is down 26.2% as of 11:40 a.m. ET. The funny thing is, AeroVironment didn't miss earnings this morning -- it beat them.

Analysts had forecast that AeroVironment would earn only $0.62 per share in fiscal Q2 2022, but in fact the company said this morning that its adjusted profit was $0.78 per share. On the other hand, AeroVironment fell well short of sales expectations, reporting quarterly sales of only $122 million where Wall Street had expected more than $130 million.  

Image source: Getty Images.

Continue reading

Source Fool.com