Stock Track | Fabrinet Plunges 7.71% in Pre-market Despite Beating Q2 Earnings Estimates

Stock Track02-03 17:39

Fabrinet's stock experienced a pre-market plunge of 7.71% on Tuesday, continuing the downward pressure seen in after-hours trading following the company's earnings release.

The optical manufacturing services provider reported fiscal second-quarter results that exceeded analyst expectations, with adjusted earnings per share of $3.36 beating the $3.25 consensus estimate and revenue of $1.13 billion surpassing the $1.08 billion forecast. The company also issued third-quarter guidance that was roughly in line with or slightly above consensus estimates.

Market analysts suggest the selloff may reflect investor disappointment with the company's forward guidance or other underlying concerns, as the stock declined sharply despite the earnings beat. The pre-market decline follows significant after-hours selling pressure that began immediately after the earnings announcement.

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