OLO - Here's Why Olo Stock Dropped Like a Rock Today
Shares of restaurant online ordering platform Olo (NYSE: OLO) dropped like a rock on Friday, after the company lowered its revenue guidance for the remainder of 2022. As of 11:30 a.m. ET, Olo stock was down a whopping 33% and is down more than 80% from its all-time high.
Olo's revenue for the second quarter of 2022 was actually what investors should have expected. Previously, management said it would generate Q2 revenue of $45.5 million to $46 million. And in Q2, it generated revenue of $45.6 million, up 27% year over year and inside management's guidance range.
The company ended Q2 with its software being used at 82,000 locations, which was unchanged from the first quarter.
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Here's Why Olo Stock Dropped Like a Rock Today