No. of Recommendations: 2
Just a couple thoughts...

1.) I'm barely familiar with the company, but is their business back-ended? If a good chunk of their revenue/profit comes from the last couple weeks of the quarter, then perhaps they really didn't know until the quarter officially closed.

2.) FWIW... a couple weeks back I was watching some CEO interview on TV. The CEO, who's been pretty successful in his industry for almost 20 years, stated that he has never experienced such a drop, so severe, so quickly, in business. It's become so bad that they no longer bother trying to forecast (or at least put much faith in their own numbers) for the year ahead, the quarter ahead -- or even the month ahead, for that matter. They are simply taking it week by week.

Anyway, my point? It happens, and sometimes rather quickly.
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