Why Is Funko (FNKO) Stock Down 28% Today?

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  • Funko (FNKO) stock is falling on a poor fourth-quarter earnings report.
  • The company missed Q4 estimates for earnings per share and revenue.
  • Funko also posted weak guidance for Q1 2023.
FNKO Stock - Why Is Funko (FNKO) Stock Down 28% Today?

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Funko (NASDAQ:FNKO) stock is taking a beating on Thursday following the release of its fourth-quarter and full-year 2022 earnings report.

The bad news for FNKO stock starts with its adjusted EPS of -35 cents for Q4. That’s a major miss compared to Wall Street’s estimate of -10 cents per share. It also represents a massive shift from the 38 cents per share reported in Q4 2021.

To go along with that, Funko reported Q4 revenue of $333.04 million. Yet again, that failed to reach the $317.59 million in revenue that analysts expected. It’s also a 1% drop from the $336.27 million reported the same time last year.

FNKO Stock Hurt by Outlook

Funko’s guidance isn’t helping matters. The company expects a loss of between $1 and 90 cents per share and revenue between $225 million and $255 million in Q1 2023. This would see Funko miss Wall Street’s estimates of 6 cents per share on revenue of $295.61 million during the period.

In addition, Funko’s full-year 2023 outlook has it expecting revenue growth of between 0% and 5%. Wall Street is looking for revenue of $1.36 billion this year. The company reported revenue of $1.32 billion in 2022.

Funko also announced a new CFO and Chief Operating Officer yesterday. Steve Nave is taking on both of these roles. Nave joins the company after serving as a consultant since December 2022, which saw him work alongside CEO Brian Mariotti.

FNKO stock is down 28% in pre-market trading on Thursday.

There’s more stock market news traders will want to know about below!

InvestorPlace is home to the hottest stock market coverage for Thursday! That includes why shares of Silvergate Capital (NYSE:SI), Biophytis (NASDAQ:BPTS) and MMTEC (NASDAQ:MTC) stock are in the news today. You can read up on all of that at the following links!

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On the date of publication, William White did not hold (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.


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