2023-03-17 09:04:00 ET
Telos (NASDAQ: TLS) stock underperformed the market by a wide margin this week. The cybersecurity specialist's shares dove 38% through Thursday trading compared to a 2% increase in the wider market, according to data provided by S&P Global Market Intelligence . The drop added to a tough year so far for shareholders. Telos is down nearly 60% so far in 2023.
This week's slump was powered by an earnings update that featured a bleak outlook for the new fiscal year ahead.
Telos announced on Thursday that fourth-quarter sales fell to $47 million from $64 million in the selling period that ended in late December. Adjusted profit margin dropped, too, declining to 11% of sales from 14% of sales a year ago.
For further details see:
Why Telos Stock Was Down This Week