BBAI - Why BigBear.ai Holdings Stock Dived by Almost 14% Today
2024-05-03 18:30:31 ET
BigBear.ai Holdings (NYSE: BBAI) might be on the cutting edge of technology, but its stock was dulled by a sell-off Friday. Investors sold out of the artificial intelligence (AI) specialist on the back of a rather weak earnings report. When the smoke cleared, the share price was down nearly 14%, contrasting sharply with the 1.3% gain of the benchmark S&P 500 index.
BigBear.ai fell well short of analyst estimates in its opening quarter of 2024.
For the period, the AI specialist earned revenue of just over $33 million, representing a decline of more than 21% on a year-over-year basis. The company attributed the decline to the expected wind-down of a program it had with the U.S. Air Force and the bankruptcy of satellite company Virgin Orbit , another client.
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Why BigBear.ai Holdings Stock Dived by Almost 14% Today