Why Is Eastside Distilling (EAST) Stock Down 26% Today?


  • Eastside Distilling (EAST) stock is falling after releasing its fourth-quarter earnings report.
  • The company’s EPS missed Wall Street’s estimate for the period.
  • Revenue also failed to match analyst expectations.
EAST Stock - Why Is Eastside Distilling (EAST) Stock Down 26% Today?

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Eastside Distilling (NASDAQ:EAST) stock is falling on Monday after releasing its fourth-quarter earnings report after markets closed on Friday.

That report starts off with the company’s earnings per share coming in at -62 cents. That’s far worse than the -17 cents per share Wall Street had expected for the quarter. Things also turned south with Eastside’s revenue.

Eastside Distilling reported revenue of $2.31 million for Q4 2022. That’s bad news for EAST stock, considering that analysts were expecting revenue of $3.66 million for the quarter. Revenue also represented a drop from the $2.6 million reported during the same period last year.

What the Future Holds for EAST Stock

Geoffrey Gwin, CEO of Eastside Distilling, said the following in the company’s earnings report:

“We made substantial progress in improving our business and are reaching news milestones in digital printing, while we continue to implement key restructuring initiatives in our spirits business. I expect meaningful improvements in our performance in 2023.”

Investors don’t seem to be buying Gwin’s enthusiasm today. The spirit company’s shares are down 25.7% in pre-market trading following the report. That wipes out a good portion of EAST stock’s gains so far this year.

Stock traders looking for more of the latest stock market news will want to keep reading!

We’ve got all of the hottest stock market news traders need to know about on Monday! A few examples include why shares of Indonesia Energy (NYSEMKT:INDO) and Imperial Petroleum (NASDAQ:IMPP) stock are up this morning, as well as the biggest pre-market stock movers today. You can read up on all of that at the links below!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-is-eastside-distilling-east-stock-down-26-today/.

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