You know things are jacked up when Volcom announces that their first quarter profits dropped to more than half compared to last year and the stock still goes up.
Late Thursday, the company said profit fell 55 percent to $4.2 million, or 17 cents per share, from $9.3 million, or 38 cents per share last year. . . Revenue declined 15 percent to $68.3 million from $80.6 million last year.
Apparently, the market thought it would be even worse so the stock climbed 8.9 percent. Wonder if it’s possible to pay analysts to lowball expectations?
If you missed the call, the entire transcript can be read here on Seeking Alpha.
[Link: Forbes]
