Polished.com (NYSEMKT:POL) stock is falling hard on Tuesday after the e-commerce company released several delayed earnings reports.
According to a press release from the company, it’s releasing results that were delayed or needed to be refiled from the last few years. That includes its fiscal 2021 and fiscal 2022 earnings report, as well as its earnings report for the fiscal first quarter of 2023.
Polished.com released these earnings reports due to it not being in compliance with NYSE American listing standards. It notes that it required a new audit of its business to get these reports out, but that now it is in compliance with listing rules.
Rick Bunka, CEO of Polished.com, said the following about the restated earnings reports:
“Importantly, while the restated performance of the business in Fiscal Year 2022 was extremely disappointing, our first quarter results demonstrate that while operating on reduced volume, the Company can deliver more normalized margins and earnings within the constraints of a difficult consumer spending environment.”
What’s Next for POL Stock
Based on the company’s outlook, things are looking rough for investors in POL stock. That’s due to it expecting revenue for Q2 2023 to range from $85 million and $90 million. If true, that would be a major miss next to Wall Street’s estimate of $136.7 million for the quarter.
POL stock is also seeing heavy trading today alongside the earnings news. As of this writing, more than 1.2 million shares have changed hands. For the record, its daily average trading volume is about 420,000 shares.
POL stock is down 49.6% as of Tuesday morning.
Investors looking for more of the most recent stock market stories will want to stick around!
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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.
