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On August 3, 2023, MasTec announced it missed its estimates for the second quarter of 2023. The Company also revised downwards its 2023 guidance, blaming slowdowns in its communications margins for the revision. Analysts critiqued the Company for its “over-promise, under-deliver halo” concerning overly optimistic guidances which fail to materialize.
Following this news, MTZ stock price fell by $24.79 per share – or approximately 21% — within two business days of the news.