Why Resideo Technologies Stock Plummeted by Almost 24% on Thursday

Core Insights - Resideo Technologies experienced a significant stock decline of nearly 24% following its earnings report, contrasting sharply with the S&P 500's decrease of only 1.1% on the same day [1] Financial Performance - The company reported net revenue exceeding $1.86 billion, marking a 2% year-over-year improvement [3] - Non-GAAP net income surged by 56% to $137 million, equating to $0.89 per share, outperforming analyst expectations of $0.72 per share [4] Business Segments - Resideo attributed its revenue growth to organic growth and improved margins in its wholesale distribution business, ADI, and its products and solutions offerings [5] Future Guidance - Management's guidance for future performance indicated expected net revenue between $7.43 billion and $7.47 billion, with adjusted net profit projected at $2.57 to $2.67 per share, both figures falling short of analyst estimates [6]