Why is Charles Colvard Ltd (CTHR) Stock down?

We've noticed a 6.03% decline in Charles Colvard Ltd (CTHR) stock during the 2024-07-19 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
13 Oct, 2023:

Charles & Colvard, Ltd. (CTHR) dropped by 27.88% from $0.5659 to $0.4081 in the trading on Friday October 13, 2023. The reason why CTHR stock down today is due to the Q4 and fiscal year 2023 results in the challenging macroeconomic backdrop and weakened consumer outlook created significant headwinds on the jewelry and gemstone industry.

  • Net sales of $5.6 million for Q4, a decrease of 40% from $9.3 million in the year-ago quarter.
  • Gross loss was $5.0 million for Q4, compared to gross profit of $3.8 million in the year-ago quarter. Net loss was $9.3 million, or $0.30 loss per diluted share.
  • Net sales decreased 31% to $29.9 million for the fiscal year 2023, compared to $43.1 million in the year-ago period.
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