Telos (NASDAQ: TLS) stock underperformed the market by a wide margin this week. The cybersecurity specialist's shares dove 38% through Thursday trading compared to a 2% increase in the wider market, according to data provided by S&P Global Market Intelligence. The drop added to a tough year so far for shareholders. Telos is down nearly 60% so far in 2023.

This week's slump was powered by an earnings update that featured a bleak outlook for the new fiscal year ahead.

Telos announced on Thursday that fourth-quarter sales fell to $47 million from $64 million in the selling period that ended in late December. Adjusted profit margin dropped, too, declining to 11% of sales from 14% of sales a year ago.

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Source Fool.com