Why D-Market Electronic Services & Trading Stock Got Pummeled Thursday
Shares of D-Market Electronic Services & Trading (NASDAQ: HEPS) plunged on Thursday, falling as much as 26% after the company delivered disappointing earnings results and announced some high-level management changes. As of 2:16 p.m. EDT, the so-called "Amazon of Turkey" saw its stock collapse 25.4%.
The leading e-commerce provider in Turkey revealed its growth had slowed to a crawl and that it was shaking up its management team. For the second quarter, D-Market generated revenue of 1.75 billion lira (roughly $209 million), up 5% year over year. At the same time, gross merchandise volume, or GMV, of 5.9 billion lira ($704 million) climbed 38%.
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Source Fool.com
