Why Luckin Coffee Stock Plunged Today
Shares of Luckin Coffee (NASDAQ: LK) have plunged today, down by 16% as of noon EDT, after the freshly public Chinese coffee chain reported second-quarter earnings. The results missed analyst expectations.
Total revenue in the second quarter came in at 909.1 million yuan ($132.4 million), shy of the 940.3 million yuan that analysts were expecting. That all translated into an adjusted net loss of 610.8 million yuan ($89 million), or 3.28 yuan ($0.48) per American depository share (ADS). Consensus estimates had called for an adjusted loss of 3.07 yuan per share.
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Source Fool.com
