Kornit Digital tumbles on Q2 revenue forecast cut

Kornit Digital

05/07/2022 21:44

** U.S.-listed shares of Israel-based textile printer maker
Kornit Digital Ltd  KRNT.O  down 19% at $25.45 after the bell
    ** Company expects Q2 revenue between $56.4 mln and $59.4
mln, down from prior forecast of $85 mln to $95 mln  urn:newsml:reuters.com:*:nGNX9ywQfG
    ** Factors including macro headwinds that accelerated in the
last few weeks of Q2 and delays in the completion of customer
production facilities, resulted in a significantly slower pace
of direct-to-garment - CEO Ronen Samuek
    ** KRNT adds that it saw non-cash warrant impact of about
$4.6 mln in Q2
    ** Company says it expects Q3 revenue to be at or above Q2
revenue 
    ** Up to Tuesday's close, stock had fallen ~79% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))