Zepp Health Corp (NYSE:ZEPP) offered an update to its guidance for the fourth quarter of 2021 and the progress of its share repurchase program.
- Zepp lowered its Q4 net revenue outlook to RMB1.6 billion - RMB1.75 billion from the prior guidance of RMB1.75 billion - RMB2.0 billion.
- Zepp slashed the guidance, citing more significant than anticipated effects of Covid, including a more persistent worldwide chip shortage and newly increased Covid restrictions and lockdowns in vital European markets due to the Delta and the new Omicron variants.
- Meanwhile, expectations remain for the company to maintain profitability.
- Zepp has repurchased ~$3.6 million of stock out of its total authorization of up to $20 million. The company intends to continue the buyback program.
- Price Action: ZEPP shares traded lower by 3.76% at $4.86 in the premarket session on the last check Friday.
