Exact Sciences Stock Plunges On Q1 Earnings: What You Need To Know
Portfolio Pulse from Adam Eckert
Exact Sciences Corp (NASDAQ:EXAS) reported Q1 earnings with a 6% increase in revenue to $638 million, surpassing estimates but posted a larger-than-expected loss of 60 cents per share. The company's screening and precision oncology revenues also saw year-over-year growth. Despite beating revenue forecasts, the larger loss led to a 16% drop in the stock price after hours. Exact Sciences anticipates full-year 2024 revenue between $2.81 billion and $2.85 billion.
May 08, 2024 | 9:23 pm
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Exact Sciences reported a 6% revenue increase to $638 million in Q1, surpassing estimates but had a larger-than-expected loss of 60 cents per share, leading to a 16% drop in after-hours trading.
Exact Sciences' stock price plunged due to the larger-than-expected quarterly loss, despite beating revenue estimates. The significant after-hours price drop reflects investor disappointment in the earnings miss, likely leading to short-term negative pressure on the stock.
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