TOST - SmileDirectClub (SDC) Stock Gains Despite Weak Q2 Earnings
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SmileDirectClub (NASDAQ:SDC) stock is on the move Friday following the release of its earnings report for the second quarter of 2022.
That report doesn’t start off well for SDC stock with diluted earnings per share of -17 cents. That’s worse than the -14 cents per share that Wall Street was expecting. It’s also a wider loss than the -14 cents reported during the second quarter of 2021.
In that same vein, SmileDirectClub’s revenue of $125.8 million missed analysts’ estimate of $141.86 million. It also represents a 27.8% decrease compared to the $174.81 million reported in the same period of the year prior.
SmileDirectClub also updated its outlook for the full year of 2022 in its latest earnings report. This has it expecting revenue to range from $450 million to $500 million. That’s not looking the best next to Wall Street’s revenue estimate of $500.31 million for the year.
Why Is SDC Gaining on Earnings Misses?
And despite all of this SDC stock is still up on Friday. The stock has been trending on social media and is popular with Reddit traders right now. That seems to suggest that a squeeze from these investors is keeping the shares from dropping alongside the negative earnings report.
Backing up that idea is heavy trading of SDC stock today. As of this writing, more than 5 million shares have changed hands. That’s above its daily average trading volume of about 2.9 million shares.
SDC stock is up 2.5% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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