Why Shares of ZIM Integrated Shipping Services Are Sinking Today
International cargo shipping stock ZIM Integrated Shipping Services (NYSE: ZIM) is facing rough seas to start the week. The company reported first-quarter 2023 financial results before the market opened this morning, and investors are showing their disapproval.
As of 11:14 a.m. ET, shares of ZIM are down 14.2%.
Representing a year-over-year decrease of 63%, ZIM reported Q1 2023 revenue of $1.37 billion. Besides the startling decline in performance compared to the same period last year, ZIM's inability to meet analysts' expectations also upset investors. The company's reported sales failed to meet analysts' estimate of $1.57 billion.
Source Fool.com
