Stock Track | ProFrac Holding Shares Tumble on Disappointing Q2 Results, Missed Estimates

Stock Track08-09

Shares of ProFrac Holding Corp. (NASDAQ: ACDC) plunged by 5.49% during intraday trading on Thursday, following the release of the company's second-quarter 2024 financial results that fell short of expectations.

The energy services company reported a net loss of $65.6 million for the quarter ended June 30, 2024, a significant decline from the net income of $3.0 million in the previous quarter. Revenue for the quarter came in at $579.4 million, down 18.3% from the same period last year and missing analyst estimates of $639.1 million.

ProFrac's adjusted EBITDA, a key profitability metric, also declined to $135.6 million in the second quarter, compared to $159.7 million in the first quarter. The company attributed the weaker performance to challenges in the market, with operators reducing drilling and completion activity, particularly in natural gas regions.

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(NASDAQ: ACDC) plunged by 5.49% during intraday trading on Thursday, following the release of the company's second-quarter 2024 financial results that fell short of ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ACDC","symbol_name":"ProFrac Holding Corp.","start_time":0,"source_url":"","article_id":"1115434562","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1115434562","pubTimestamp":1723211774,"sourceInfo":null,"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of ProFrac Holding Corp.  plunged by 5.49% during intraday trading on Thursday, following the release of the company's second-quarter 2024 financial results that fell short of expectations.The energy services company reported a net loss of $65.6 million for the quarter ended June 30, 2024, a significant decline from the net income of $3.0 million in the previous quarter. 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