Resideo Surprises, Then Slashes Outlook | Business and Finance News

Resideo Technologies surprised with a solid Q2, beating revenue and profit expectations with strong demand for smart thermostats and smoke detectors—but the good news ended there. Their next quarter guidance tanked, slashed by 63% from analyst forecasts, and their full-year outlook took a brutal 60% hit. CEO credits internal targets met, but rising material costs and legal expenses are squeezing profits. A major customer pulling production in-house is hitting a key security segment, expected to drag revenue in the second half. While core products shine, the company’s navigating headwinds from customer losses and inflation, focusing on cost cuts and new product rollouts to stay afloat. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9a5dcf71c3552ec5