KRNT - Why Kornit Digital Stock Is Soaring Today
Shares of Kornit Digital (NASDAQ: KRNT) surged more than 24% by 10:30 a.m. EDT on Wednesday. Driving the rally in the printing solutions company's stock was its first-quarter results and outlook.
Like most companies, Kornit Digital pulled its first-quarter guidance amid the market turmoil in March caused by the COVID-19 outbreak. At the time, the company estimated that its revenue for the period would be 35% to 45% below the low end of its initial guidance range of $47 million to $51 million. That's precisely what happened during the quarter: It generated only $26.2 million of revenue, nearly 45% below its prior outlook. Further, the company reported a net loss of $0.22 per share, which was $0.13 per share worse than analysts anticipated.
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