Global Interactive Technologies Inc (HRYU)

Shares of Hanryu Holdings Inc (HRYU) dropped by 19.32% from $0.9458 to $0.7631 in the trading on Thursday, December 21, 2023. The reason why HRYU down today is due to the company's announcement of preliminary revenue results for Q4 FY23, which missed analyst estimates, and a lowered outlook for FY24. Here's a breakdown of the factors contributing to this drop:

• Missed Revenue Estimates: Hanryu Holdings provided preliminary Q4 FY23 revenue results of $95 million. This figure fell short of analyst consensus estimates, which had projected revenue to be around $104 million. Such a revenue miss can lead to negative investor sentiment and selling pressure on the stock.
• Lowered FY24 Outlook: In addition to the revenue miss, the company also lowered its outlook for fiscal year 2024 (FY24). While specific details about the revised guidance were not provided, any downward revision in future earnings or growth expectations can weigh on a company's stock.