ETWO - Why E2open Parent Holdings Stock Fell 42.6% This Week
2023-10-13 17:43:11 ET
Shares of E2open Parent Holdings (NYSE: ETWO) were down 42.6% this week as of Friday's close, according to data provided by S&P Global Market Intelligence , after the company announced weak quarterly results, lowered its forward guidance, and replaced its CEO.
To be sure, the entirety of E2open's plunge this week came on Wednesday after its fiscal second-quarter report (ended Aug. 31, 2023) hit the wires. While the company's adjusted earnings of $0.04 per share were roughly in line with expectations, its quarterly revenue of $158.5 million missed estimates by around $1.5 million.
That modest revenue miss wasn't as concerning, however, as the simultaneous news that E2open's board of directors and CEO Michael Farlekas have mutually agreed a leadership change was in order; Farlekas stepped down as CEO effective immediately, and the company appointed current advisory board member Andrew Appel as interim CEO while it commences a search for a permanent replacement.
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Why E2open Parent Holdings Stock Fell 42.6% This Week