Advantage Solutions Shares Plunge 20% Following Q3 Report
<p><a href='https://financialmodelingprep.com/financial-summary/ADV'>Advantage Solutions Inc. (NASDAQ:ADV)</a> shares plummeted more than 20% on Thursday following the company’s reported Q3 revenue miss and lowered outlook.</p>
<p>Q3 revenue came in at $1.05 billion, worse than the Street estimate of $1.06 billion. Management cited an "extremely challenging labor environment" resulting in an inability to hire enough associates to meet "strong" demand. While in-store sampling & demonstration (the most COVID-impacted) business saw continued year-over-year and sequential growth, the overall event count (as a percent of 2019) stalled vs. Q2.</p>
<p>The company lowered its fiscal 2022 adjusted EBITDA guidance range to $430-$440 million from $490-$510 million. Given strong customer demand, management remains confident that its sampling and demonstration business will continue to build back next year.</p>

NASDAQ:ADV