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

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

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

To go along with that, Funko reported revenue of $333.04 million for the quarter. Yet again, that fails to reach the $317.59 million in revenue that analysts were looking for. It’s also a 1% drop from the $336.27 million reported in the same period of the year prior.

FNKO Stock Hurt By Outlook

Not helping matters is Funko’s guidance of -$1 to -90 cents per share and revenue of $225 million and $255 million for Q1 2023. This would see it missing Wall Street’s estimates of 8 cents per share on revenue of $295.61 million.

In addition to that, Funko’s outlook for the full year of 2023 has it expecting revenue growth of 0% to 5%. Wall Street is looking for revenue of $1.36 billion in 2023. The company reported revenue of $1.3 billion in 2022.

Funko also announced a new CFO and COO today. Steve Nave is taking on both of these roles at Funko. He joins the company after serving as a consultant since December 2022. That saw him work alongside Funko CEO Brian Mariotti during that time.

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!

More Thursday Stock Market News

• Why Is Silvergate Capital (SI) Stock Down 46% Today?
• Why Is Biophytis (BPTS) Stock Up 42% Today?
• Why Is MMTEC (MTC) Stock Up 59% Today?

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.

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