Why SmartRent Stock Plunged Today

·2 min read

Shares of SmartRent (NYSE: SMRT) were tumbling today after the property tech company missed expectations in its second-quarter earnings report and cut its guidance for the full year. SmartRent, which sells a hardware-agnostic smart hub that pairs with smart home devices like thermostats, doorbells, and cameras to help landlord owners, business owners, and others monitor their properties, posted strong revenue growth in the second quarter, but it missed its own guidance and expectations. Supply chain constraints appeared to be the culprit, causing delays in deployments.