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Zepp Health's stock drops after revenue outlook cut, citing COVID effect and chip shortage

28596 zepp healths stock drops after revenue outlook cut citing covid effect and chip shortage

Shares of Zepp Health Corp. ZEPP, dropped 4.0% in premarket trading Friday, after the China-based smart health technology company cut its fourth-quarter revenue outlook, citing a “greater than anticipated effects of COVID” and a more persistent global shortage of semiconductors. The company now expects fourth-quarter revenue of between RMB1.6 billion ($252.0 million) and RMB1.75 billion ($275.6 million), compared with previous guidance of between RMB1.75 billion and RMB2.0 billion. The company said it still expects to be profitable. Separately, the company said it has repurchased $3.6 million worth of its stock since Nov. 16, when it announced a $20 million stock buyback program. Zepp’s stock has tumbled 57.4% this year, while the iShares MSCI China ETF MCHI, -0.60% has dropped 22.0% and the S&P 500 SPX, -0.26% has soared 27.2%.

Source: Marketwatch

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