PLNT - Here's Why Planet Fitness Stock Plummeted Today
2023-05-04 14:04:57 ET
Shares of exercise gym chain Planet Fitness (NYSE: PLNT) plummeted on Thursday following the release of its latest quarterly financial results. As of 12:30 p.m. ET, Planet Fitness stock was down 15% and is now down about 28% from its all-time high, which is a rare decline for this company.
Today, Planet Fitness reported financial results for the first quarter of 2023. In Q1, the company generated revenue of $222 million, a 19% year-over-year increase. This strong top-line growth was driven by growth in gym memberships. It ended Q1 with 18.1 million members, up a whopping 1.1 million members since the end of the previous quarter.
Despite the strong Q1 growth, Planet Fitness' revenue fell short of Wall Street's expectations. And it fell short of expectations on the bottom line as well. Analysts had hoped the company would have adjusted earnings of $0.46 per share. Instead, the company had adjusted earnings per share (EPS) of $0.41.
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Here's Why Planet Fitness Stock Plummeted Today