Why Indie Semiconductor Stock Is Plummeting Today
Indie Semiconductor (NASDAQ: INDI) stock is losing ground Friday following the company's recent earnings report. The tech specialist's share price was down 9.1% as of 11 a.m. ET. Meanwhile, the S 500 index was down 0.6%, and the Nasdaq Composite index was down 0.7%.
Indie Semiconductor posted its fourth-quarter results after the market closed yesterday. The company reported sales that missed Wall Street's targets. In addition to a slight sales miss in Q4, the company's forward guidance came in far below expectations.
Indie posted a non-GAAP (adjusted) loss of $0.07 per share on sales of $58.01 million. While the company's loss for the period was in line with the market's expectations, sales fell short of the market's target by approximately $190,000. Revenue was down roughly 17% year over year, and management attributed some of the decline to a challenging industry backdrop. Unfortunately, management's guidance for the first quarter suggests these headwinds will actually intensify in the near term.
Source Fool.com
