Revvity Inc (RVTY)

Revvity Inc Stock (RVTY) dropped by 16.13% from $97.87 to $82.08 in the trading on Monday October 30, 2023. The reason why RVTY stock down today include:

• Weaker-than-expected third-quarter results: Revvity's quarterly revenue declined 5.8% Y/Y to $670.7 million, net income of $9.5 million, or $0.08 per share. Adjusted earnings from continuing operations were $1.18 per share, down from $1.21 per share in the same year-ago period. Analysts, on average, were expecting for adjusted earnings of $1.19 per share on revenue closer to $695 million. Revvity CEO attributed the bad performance due to an increasingly challenging end market environment.
• Lower full-year outlook: Revvity reduced its outlook for full-year 2023 revenue of $2.72 - $2.74 billion (down from $2.8 - $2.85 billion previously), with adjusted earnings per share of $4.53 - $4.57 (down from $4.70 - $4.90 before).