price down icon1.72%   -0.08
after-market  After Hours:  4.70  0.14   +3.07%

Why is Olo Inc (OLO) Stock down?

We've noticed a 5.13% decline in Olo Inc (OLO) stock during the 2024-04-10 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!
07 Nov, 2023:

Shares of Olo Inc (OLO) dropped by 25.64% from $5.85 to $4.35 in the trading on Tuesday, November 7, 2023. The reason why OLO down is due to concerns about the company potentially losing one of its major customers. The market was alarmed by news that chicken restaurant chain Wingstop might not renew its contract with Olo when it expires in Q1 2024. Wingstop is one of Olo's significant customers, with nearly 2,000 locations, causing concern among investors.

Olo's management raised its full-year revenue guidance for 2023, expecting a 21% increase compared to 2022. While management downplayed the impact of potentially losing Wingstop, investors worry about a trend where larger chains like Subway and now Wingstop opt to handle technology platforms in-house, posing a potential challenge for Olo in the future.

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