3:15 p.m. ET, March 12, 2019
ADT is tanking after weak earnings
From CNN Business' Taylor Nicole Rogers
Shares of home security company ADT (
ADT) are
down 13% in trading after the company reported
poor earnings during its most recent quarter.
The company posted a $149 million net loss in the fourth quarter.
ADT's home monitoring services have faced stiff competition for years. Alphabet-owned (
GOOGL) Nest, for example, offers its own products
designed to keep homes safe at low costs. Customers can also install Nest equipment themselves.
Investors were also likely disappointed that ADT’s new feature, which helps Amazon's Echo listen for break-ins and carbon monoxide alarms when user's aren't home, is "not quite there yet," CEO James DeVries told analysts on a conference call.
Chief Financial Officer Jeffrey Likosar told analysts that the company will make "selective brand investments" to "solidify" ADT's position as the "leader in home automation and security."