Why Byrna Shares Are Sliding Today
Portfolio Pulse from Nabaparna Bhattacharya
Byrna Technologies Inc (NASDAQ:BYRN) reported a Q2 FY23 revenue decrease of nearly 1% YoY to $11.51 million, missing the consensus of $12 million. The decrease was primarily due to a $1.4 million decline in international orders. The company also reported an EPS loss of $(0.05), missing the Street view of $0.01 EPS. Operating expenses fell 19.73% YoY to $7 million. The company faced a setback in direct-to-consumer sales due to a ban on advertising by Meta and Google. As a result, Byrna has withdrawn its FY23 guidance. Despite this, the company expects to improve its top- and bottom-line performance in FY23.
July 11, 2023 | 3:40 pm
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Byrna Technologies reported a decrease in Q2 FY23 revenue and an EPS loss, missing expectations. The company also faced a setback due to an advertising ban by Meta and Google, leading to the withdrawal of its FY23 guidance.
Byrna Technologies reported lower than expected earnings and revenue for Q2 FY23, primarily due to a decline in international orders. Additionally, the company faced a setback in direct-to-consumer sales due to an advertising ban by Meta and Google. This has led to uncertainty about the company's future performance, resulting in the withdrawal of its FY23 guidance. These factors are likely to negatively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100