Why Bark Stock Crashed 20% Today
Shares of canine-focused pet supplies company Bark (NYSE: BARK) are in the doghouse Friday morning, down 20.8% through 10:50 a.m. ET after the company reported an earnings miss last night.
Expected to lose only $0.09 per share on sales of $134.2 million in its fiscal Q3 2023, Bark instead lost $0.12 per share, despite sales that squeaked past estimates: $134.3 million.
Bark seemed embarrassed by the results -- to the extent that its press release didn't even mention the per-share loss, reporting only the net loss number (i.e., not divided by shares outstanding). Net losses were $21.3 million for the quarter, 61% worse than a year ago, despite Bark growing its average order value by $2 (to $33.10) and expanding its gross profit margin by 400 basis points to nearly 60%.
Source Fool.com
