VOXX International Corporation (NASDAQ:VOXX) reported on Wednesday a miss in both its second quarter revenue and a wider net loss because of weak consumer sales, causing shares to tumble in afterhours trade.
The company said quarterly revenue came in at $108.9 million, sharply below the year-ago level of $161.01 million and the consensus expectation of $114 million.
The net loss widened to $22.5 million from a net loss last year in the same period of $19.8 million.
Shares of the company dropped 9.4% to $4.91, having already lost 5.9% during the sesion to end Wednesday at $5.42.
Pat Lavelle, the president and CEO of Voxx, said sales in consumer accessories continued to decline and they took steps to try to alter the trend in that sector.
"We expect to be profitable in the second half of our fiscal year, with additional savings to materialize as we realign and strengthen our foundation," Lavelle said.
VOXX is a company that manufactures and distributes automotive, audio and consumer accessories.
The company is based in Orlando, Florida.
Reporting by Rene Pastor, contactable on [email protected]