Harrow (NASDAQ:HROW) stock is moving on Wednesday following the release of the eyecare pharmaceutical company’s earnings report for the fourth quarter of 2023.
The Harrow report starts with core earnings per share of -20 cents. That’s worse than the -4 cents per share that Wall Street was expecting. It’s also a negative switch from the company’s core earnings per share of 7 cents from the same time last year.
Adding to this trouble is Harrow’s revenue of $36.36 million. Yet again, this fails to reach analysts’ estimates of $37.86 million for the quarter, even if it increased 78.8% year-over-year (YOY) from $20.33 million.
What’s Next for HROW Stock?
Harrow CEO Mark Baum said the following in the earnings report:
“In summary, supported by the tremendous progress we made in 2023, this year, too, is shaping up to be another exciting year of growth. I am confident that we have the products, resources, and people to take full advantage of the opportunities we see ahead of us today and for many years to come.”
HROW stock was initially up during early market trading this morning. And despite a 5% increase shortly after the markets opened Wednesday morning, it quickly plummeted back into the red by about 7%. Investors will note the stock closed out Tuesday down 10.9% year-to-date. HROW stock is also down about 43% YOY.
Investors who want to read more of the most recent stock market stories are in the right place!
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On the date of publication, William White did not have (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.
