The Knot plunges on lackluster Q2, lowers revenue guidance
Shares of The Knot, Inc. (Nadaq: KNOT) are all knotted up after the media company that specializes in wedding planning reported languid second-quarter results after Thursday’s close that fell short of the consensus on Wall Street and lowered full year revenue growth projections.
Revenues remained flat and earnings declined from a year-ago period, as crippled consumer spending weighed on the company’s publishing revenues, which declined 22% in the quarter mostly on account of the release of the company’s magazine The Knot Best of Weddings.
Due to a lackluster second-quarter and a continued uncertain outlook, the small cap lowered its full year revenue growth forecast to 9% to 11% from a previously projected mid-teens range.
Shares sunk 22%, or $1.96, to $6.88 in pre-market trading. For detailed price information and recent news stories about The Knot, click KNOT.
