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Party City (NYSE:PRTY) stock isn’t doing so hot on Tuesday after posting results from its Halloween quarter.
While the third quarter is typically a strong period for PRTY stock, the company reported adjusted earnings per share of -$1.39. That’s a massive disappointment next to Wall Street’s estimate of -10 cents per share. It’s also a negative switch from the 2 cents per share reported in the third quarter of 2021.
Also not helping PRTY stock is the company’s revenue of $502.2 million. Yet again, that fails to reach analysts’ estimate of $514.9 million for the quarter. Adding salt to the wound is revenue decreasing 1.6% from the same period of the year prior.
PRTY Cuts Guidance Again
That outlook includes a revenue range of $2.14 billion to $2.19 billion for the full year of 2022. Investors aren’t excited about that considering Wall Street’s estimate is for revenue of $2.16 billion. That will have it cutting it close with a midpoint of $2.165 billion.
Party City notes that it reduced its guidance again as inflationary headwinds continue to affect its business. That’s despite its latest results matching what it was expecting for the quarter.
All of this news has PRTY stock experiencing heavy trading on Tuesday. As of this writing, more than 15 million shares of the stock have changed hands. That’s well above its daily average trading volume of 6.9 million shares as investors sell their stock.
PRTY stock is down 40.4% as of Tuesday morning and is down 85.1% since the start of the year.
Traders seeking out more of the latest stock market news are in the right place!
InvestorPlace is home to all of the biggest stock stories traders need to know about on Tuesday! That includes why shares of SunPower (NASDAQ:SPWR), Hims & Hers (NYSE:HIMS), and Norwegian Cruise Line (NYSE:NCLH) stock are in the news today. You can read up on all of that at the following links!
More Tuesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.