Why Restaurant Company Yum China's Shares Are Diving Today
Portfolio Pulse from Lekha Gupta
Yum China Holdings Inc (YUMC) shares dropped over 12% following the release of its Q3 FY23 results. The company reported a 9% Y/Y increase in revenues to $2.91 billion, missing the consensus of $3.06 billion. Adjusted EPS increased 20% Y/Y to $0.59, also missing the consensus of $0.68. The company opened 500 new stores in Q3, bringing the total store count to 14,102. YUMC also repurchased around 2.9 million shares worth $157 million and declared a cash dividend per share of $0.13.
November 01, 2023 | 10:22 am
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Yum China's Q3 FY23 results missed consensus, leading to a drop in its share price.
Yum China's shares dropped due to its Q3 FY23 results missing the consensus. This indicates that the market had higher expectations for the company's performance. The missed revenue and EPS consensus are likely to negatively impact the company's stock price in the short term.
CONFIDENCE 90
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RELEVANCE 100