Why NewAge Beverages Stock Got Clobbered Today
Shares of NewAge Beverages (NASDAQ: NBEV) have gotten clobbered today, down by 7% as of 3:15 p.m. EDT, after the company reported second-quarter earnings. The results missed expectations. NewAge is also preparing to close its previously announced merger with a handful of e-commerce and direct channel companies.
Revenue in the second quarter came in at $62.6 million, shy of the $65.9 million in sales that analysts were expecting. That resulted in a net loss of $9.5 million, or $0.10 per share. Wall Street was modeling for a net loss per share of $0.09. Management said lockdown restrictions around the world related to the COVID-19 crisis impacted sales.
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Source Fool.com
