NEW YORK (TheStreet) -- Staples (SPLS) stock is plummeting Tuesday after the company recorded profits lower than analysts expected and as second-quarter earnings guidance fell short of forecasts. By early afternoon, shares had dropped 12.9% to $11.66.
In its first quarter, the retailer earned 18 cents a share, 3 cents lower than analysts surveyed by Thomson Reuters expected.
Over the three months to July, management expects net income of 9 cents to 14 cents a share, below consensus of 15 cents a share.
- You can view the full analysis from the report here: SPLS Ratings Report
WATCH: More market update videos on TheStreet TV | More videos from Brittany Umar
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV