Why ScanSource Stock Slumped Today

Shares of ScanSource (NASDAQ: SCSC) sank on Tuesday after the technology products distributor reported its fiscal fourth-quarter results. The numbers were mixed relative to analyst expectations, with sales down more than 20% due to the COVID-19 pandemic. ScanSource stock was down about 11.5% at 11:20 a.m. EDT.

ScanSource reported fourth-quarter revenue of $636.5 million, down 22% year over year and just barely ahead of the average analyst estimate. Organic sales were down 19%. The company saw lower demand from its customers due to the impact of the pandemic.

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Source Fool.com