Why Campbell Soup Stock Dropped Today
Shares of Campbell Soup Company (NYSE: CPB) dropped on Wednesday after its latest quarterly financial report failed to impress investors. As of 10 a.m. ET, Campbell Soup stock is down about 6%.
This morning, Campbell Soup Company -- maker of soups, snacks, drinks, and more -- reported financial results for its fiscal third quarter of 2023. The period covers February through April for the company. And during this time, it generated net sales of $2.2 billion, which was up 5% year over year (YOY) and met Wall Street's expectations.
Part of the problem for Campbell Soup today is that while net sales were up, sales volume was down. The company has been raising prices to keep up with inflation, leading to fewer sales. And the market doesn't like that.
Source Fool.com
