KRUS - Why Kura Sushi Stock Plummeted Today
2024-07-10 18:14:54 ET
Kura Sushi (NASDAQ: KRUS) stock plunged in Wednesday's trading. The sushi chain's share price ended the daily session down, according to data from S&P Global Market Intelligence .
After the market closed Tuesday, Kura Sushi reported results for the third quarter of its 2024 fiscal year, which ended May 31. The business posted revenue that was in line with Wall Street's expectations. On the other hand, the business reported non-GAAP (adjusted) earnings that fell short of the market's target -- and it looks like profitability could be strained going forward.
Kura Sushi recorded a breakeven quarter on an adjusted basis in fiscal Q3. Meanwhile, the average analyst had called for the business to post an adjusted profit of roughly $0.01 per share.
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Why Kura Sushi Stock Plummeted Today