LGHL - Why Is Tivic Health Systems (TIVC) Stock Down 28% Today?
2023-05-16 09:10:57 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Tivic Health Systems (NASDAQ: TIVC ) stock is sliding lower on Tuesday after the company released its earnings report for the first quarter of 2023 .
That report starts with Tivic Health Systems revealing earnings per share of -11 cents in Q1. That meets Wall Street’s estimate for the period. It’s also an improvement over the -23 cents reported in the first quarter of 2022.
Unfortunately, the company’s revenue only came in at $376,000. That’s well below analysts’ revenue estimate of $520,000 for the quarter. It’s also a 12% drop from the $428,000 reported in the same period of the year prior.
What’s Next for TIVC Stock?
Jennifer Ernst, CEO of Tivic Health Systems, provided the following insight in the earnings report:
“The past two years have been challenging, and I believe we are now turning a corner within our ClearUP business while putting the foundation in place for growth beyond current revenue streams. I look forward with excitement to the remainder of the year.”
While Ernst is remaining positive about the company’s performance, investors aren’t sharing that sentiment. As a result, shares of TIVC stock are down 28% as of Tuesday morning. That comes alongside 1.4 million shares changing hands. For the record, the average daily trading volume for the company’s shares is 2.6 million units.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Tuesday! That includes everything happening with shares of Eloxx Pharmaceuticals (NASDAQ: ELOX ), Vivopower (NASDAQ: VVPR ), and Lion Group (NASDAQ: LGHL ) stock today. All of that is ready to go at the links below!
More Stock Market News For Tuesday
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- Why Is Lion Group (LGHL) Stock Up 31% Today?
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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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