- Newegg Commerce Inc (NASDAQ:NEGG) reported first-half 2022 net sales of $890.5 million.
- The company posted a 1H gross profit of $110.8 million, a net loss of $(18.9) million, and an adjusted EBITDA loss of $(4.0) million.
- Newegg sees Q3 sales of $358.8 million – $383.3 million.
- NEGG expects Q3 gross profit of $42 million – $45 million and adjusted EBITDA of $(1.7) million – $0.1 million.
- “As with many in our industry, our performance for the first half of 2022 was affected by several factors that were out of our control including macroeconomic conditions, higher inflation, and a weak sales environment due to changes in customer spending behavior,” said CEO Anthony Chow.
- Price Action: NEGG shares are trading lower by 0.56% at $3.72 on the last check Friday.
S&P 500 Index Year-End Target Raised To 5,600 By Goldman Sachs On Strong Tech Earnings And Valuation Expansion
Goldman Sachs Group has revised its year-end target for the S&P 500 Index to 5,600, up from the previous 5,200. The adjustment is attributed to the robust earnings growth of five major U.S. tech companies and an increased fair value price-to-earnings ratio.
