Shares of The ODP Corporation (NASDAQ: ODP), a leading provider of products and services for businesses and consumers, plummeted nearly 13% in pre-market trading on November 6, 2024, following the company's disappointing third-quarter 2024 financial results.
ODP reported adjusted earnings per share of $0.71 for the third quarter, significantly missing analysts' consensus estimate of $1.60 by a wide margin. The company's revenue for the quarter also fell short, coming in at $1.78 billion, compared to the expected $1.82 billion.
Despite the earnings miss, ODP announced a new 10-year, $1.5 billion partnership with a large strategic reseller organization. The collaboration aims to leverage ODP's extensive product offerings, distribution network, and e-commerce platform to enhance procurement efficiency and deliver a curated customer experience to the reseller's clients. However, this announcement appears to have had a limited impact on mitigating the stock's sharp decline in the pre-market trading session.
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