Why SmartRent Shares Are Moving Lower Tuesday
Portfolio Pulse from Dylan Berman
SmartRent, Inc. (NYSE:SMRT) shares are down 17.9% after the CEO resigned and the company suspended its 2024 fiscal year outlook. The company also released preliminary Q2 earnings, expecting a 9% YoY revenue decrease and a net loss of $4.6 million.
July 30, 2024 | 5:44 pm
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NEGATIVE IMPACT
SmartRent shares fell 17.9% following the CEO's resignation and the suspension of the 2024 fiscal year outlook. The company also reported preliminary Q2 earnings with a 9% YoY revenue decrease and a net loss of $4.6 million.
The resignation of the CEO and the suspension of the 2024 fiscal year outlook are significant negative events that have led to a sharp decline in the stock price. Additionally, the preliminary Q2 earnings report showing a revenue decrease and net loss further adds to the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100