Why Indie Semiconductor Stock Is Plummeting Today

Indie Semiconductor (NASDAQ: INDI) stock is losing ground Friday following the company's recent earnings report. The tech specialist's share price was down 9.1% as of 11 a.m. ET. Meanwhile, the S&P 500 index was down 0.6%, and the Nasdaq Composite index was down 0.7%.Indie Semiconductor posted its fourth-quarter results after the market closed yesterday. The company reported sales that missed Wall Street's targets. In addition to a slight sales miss in Q4, the company's forward guidance came in far below expectations.Indie posted a non-GAAP (adjusted) loss of $0.07 per share on sales of $58.01 million. While the company's loss for the period was in line with the market's expectations, sales fell short of the market's target by approximately $190,000. Revenue was down roughly 17% year over year, and management attributed some of the decline to a challenging industry backdrop. Unfortunately, management's guidance for the first quarter suggests these headwinds will actually intensify in the near term.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool