Shares of Advantage Solutions Inc. (ADV) plunged 5.93% in the pre-market trading session on Friday, following the company's weaker-than-expected fourth-quarter earnings report.
The leading provider of business solutions to consumer goods manufacturers and retailers reported a quarterly loss of $0.55 per share, significantly missing the analyst consensus estimate of a $0.10 per share loss. Despite reporting revenue of $892.28 million, which beat expectations of $863.39 million, the company's wider-than-expected loss overshadowed the top-line beat, leading to the stock's pre-market sell-off.
The disappointing earnings figures outweighed news of Advantage Solutions appointing Dean General as the new Chief Operating Officer of its Branded Services business unit, effective March 24. General, a seasoned retail executive, replaces Jack Pestello, who will be leaving the company on May 1 to pursue new leadership opportunities.
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