Exodus Falls Further on Warning

By TSC Staff ,

Web hosting company Exodus (EXDS) was down 17.7% in preopen Island trading after ending the regular session down 20.8% and hitting a 52-week low of $1.95.

After the close Wednesday, the company warned its second-quarter net loss would be $140 million, wider than the first-quarter loss of $118.3 million, on revenue of $315 million. Analysts were expecting revenue of about $355.3 million.

The company also said revenue for the year will be about $1.35 million, below previous projections of $1.5 billion to $1.6 billion. The stock has dropped 68.2% in the last two weeks of trading from $6.51 at the close June 12, as analysts and investors anticipated a warning.

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