Office Depot Parent ODP Slashes FY24 Guidance Amid 10% Sales Drop - Stock Slumps
Portfolio Pulse from Nabaparna Bhattacharya
The ODP Corporation (NASDAQ:ODP) reported a 10% drop in sales for Q2, missing analyst expectations. The company also slashed its FY24 guidance, leading to a significant drop in its stock price.
August 07, 2024 | 5:03 pm
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ODP Corporation reported a 10% drop in Q2 sales and missed analyst expectations for both earnings and revenue. The company also lowered its FY24 guidance, leading to a 33.8% drop in its stock price.
The significant drop in sales and earnings, along with the lowered FY24 guidance, indicates a challenging business environment for ODP. This has led to a sharp decline in the stock price, reflecting investor concerns.
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