Shares of Hershey wavered Thursday as investors digested the chocolatier’s quarterly earnings report, as soaring cocoa prices cut significantly into the food company’s profits.Hershey stock fell 3.5% shortly at market open, which would have been its worst day of the year, before bouncing back to a milder 1% loss.
Hershey’s $1.27 earnings per share came well short of consensus analyst estimates of $1.44, with profits falling 37% year-over-year, and its $2.1 billion of Q2 revenues came shy of forecasts of $2.3 billion, marking a 17% year-over-year decrease.
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Microsoft Earnings: Stock Tanks As AI Business Growth Worse Than ExpectedDerek Saul is a New Jersey-based Senior Reporter on Forbes' news team. He graduated in 2021 from Duke University, where he majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper, joining Forbes soon thereafter.
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