2023-07-11 14:22:04 ET
Shares of Byrna Technologies ( NASDAQ: BYRN ) sank nearly 18% on Tuesday after the company posted a results miss, and withdrew its previously announced 2023 guidance.
The company posted Q2 GAAP EPS of -$0.05, wider than estimates of $-0.02. Revenue of $11.5M was down 0.9% compared to last year, and below expectations by $0.5M.
"In late March, Meta and Google simultaneously implemented a ban on any advertising by Byrna on their platforms, classifying Byrna as a 'contraband' product," the company said in a statement .
The company said its direct-to-consumer sales were hit by these changes.
The company said these challenges resulted in lower web traffic on Byrna.com, Byrna.ca and Amazon.com. On Byrna.com, daily web traffic fell to an average of about 12,000 sessions in the second three months of 2023, a decline of 55% from the first three months of 2023.
The company said it was working on finding alternatives to large social media sites to reach potential customers.
The Seeking Alpha consensus estimates for Q2 revenue is $12 million, and EPS is $-0.02.
Byrna stock has fallen nearly 46% so far this year as of Monday's close.
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Byrna Technologies stock sinks after results miss, Meta advertising ban crimps sales