Arrow Electronics, a leading electronics component distributor, saw its stock price plummet by 9.90% in pre-market trading on Thursday, following its mixed fourth-quarter earnings report and weak guidance for the upcoming quarter.
While the company reported better-than-expected earnings for the fourth quarter, with adjusted earnings per share of $2.97 surpassing analysts' estimates of $2.69, its outlook for the first quarter of the fiscal year dampened investor sentiment.
Arrow Electronics expects its earnings per share for the first quarter to range between $1.30 and $1.50, significantly lower than analysts' expectations. Additionally, the company forecasted revenue between $5.98 billion and $6.58 billion, which also fell short of market projections.
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