Belden Lowers Q3 Revenue Expectations Because 'Softer Demand Will Continue,' CEO Says
Portfolio Pulse from Lekha Gupta
Belden Inc has disclosed its Q3 FY23 preliminary results, reducing its revenue expectations from $675 million-$690 million to $625 million due to weaker-than-expected end-demand in both segments. The company also reduced the higher end of its previous adjusted EPS outlook from $1.75-$1.85 to $1.75-$1.77. Belden's shares closed lower by 16.03% at $80.00 after-hours on Thursday.
October 13, 2023 | 1:27 pm
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Belden Inc has lowered its Q3 FY23 revenue and EPS outlook due to weaker demand. This news led to a 16.03% drop in the company's share price after-hours.
Belden's announcement of lower revenue and EPS expectations for Q3 FY23 indicates weaker performance than previously anticipated. This negative news directly impacts investor sentiment, leading to a significant drop in the company's share price.
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