Shares of Advantage Solutions Inc. (ADV) plunged 5.93% in the pre-market trading session on Friday, following the company's weaker-than-expected fourth-quarter earnings report.
The leading provider of business solutions to consumer goods manufacturers and retailers reported a quarterly loss of $0.55 per share, significantly missing the analyst consensus estimate of a $0.10 per share loss. Despite reporting revenue of $892.28 million, which beat expectations of $863.39 million, the company's wider-than-expected loss overshadowed the top-line beat, leading to the stock's pre-market sell-off.
The disappointing earnings figures outweighed news of Advantage Solutions appointing Dean General as the new Chief Operating Officer of its Branded Services business unit, effective March 24. General, a seasoned retail executive, replaces Jack Pestello, who will be leaving the company on May 1 to pursue new leadership opportunities.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.