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Shares of eyewear products company Warby Parker (NYSE: WRBY) plunged 23% in Wednesday trading, as of 3 p.m. ET.
Warby announced third-quarter results today, which beat on the top line. However, this loss-making growth company missed on profitability. In today's market of higher interest rates and fears over recession, a bottom-line miss for a loss-making company isn't going to please nervous investors.
Furthermore, while management raised guidance for the full year, its outlook actually implies a quarter-over-quarter decline.