TTCF - Why Tattooed Chef Stock Crumbled Today
Shares of Tattooed Chef (NASDAQ: TTCF) crumbled on Wednesday after the packaged-food company announced its financial results for the third quarter. But the market's reaction was a bit puzzling considering the company had already made some key announcements prior to the release of its quarterly numbers. As of 12:30 p.m. ET, Tattooed Chef stock was down a whopping 20% and even hit an all-time low early in the session.
For Q3, Tattooed Chef generated revenue of $54 million, down 6.7% from the same quarter of last year. That top-line decline was particularly disappointing considering that over the past year, the company has acquired other companies, launched new product lines, and increased product distribution. In other words, there are more Tattooed Chef products available to consumers than ever, but that's not translating into greater sales.
The growth of Tattooed Chef's business hasn't led to greater sales, but it has led to greater expenses. The company recorded a net loss of $38.5 million in Q3 compared to a net loss of $8.2 million in the prior-year quarter.
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Why Tattooed Chef Stock Crumbled Today