Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Former SPACs Keep Missing Earnings Expectations as Shares Fizzle

Aug. 5, 2022, 1:32 PM

As the earnings season wraps up there’s a pocket of the market where results have been particularly lackluster -- companies that went public through a SPAC merger during the height of the blank-check craze.

Disappointing earnings this week from companies ranging from a mobile gaming platform that’s a former darling of Cathie Wood’s Ark Invest to an indoor farming firm with home decor guru Martha Stewart on its board hit the already battered group.

With more than two-thirds of the benchmark S&P 500 Index components reporting results so far, fewer are topping Wall Street expectations as the market battles ...