Why Marriott International Shares Dropped 6.5% on Monday
Shares of Marriott International (NASDAQ: MAR) fell as much as 6.5% in trading Monday after the company reported first-quarter 2020 results. This was the first look we've gotten at financials since the COVID-19 pandemic struck the travel industry, and the impact has been profound. Shares recovered slightly as the day wore on, but were still down 5% at 2:15 p.m. EDT today.
Total revenue was down just 7% in the quarter to $4.7 billion, and net income was still $31 million, or $0.09 per share. But that didn't tell the story of what happened late in the quarter.
Image source: Getty Images.
Source Fool.com
