Costco Under Pressure On Weaker Than Expected Q1 Earnings

(RTTNews) - After gapping open significantly lower, shares of Costco Wholesale Corp. (COST) have seen some further downside during the trading session on Friday. Costco is currently down by 8.4 percent after hitting its lowest intraday level in five months.

The steep drop by Costco comes after the warehouse club operator reported fiscal first quarter earnings just below analyst estimates.

Costco reported first quarter adjusted earnings of $1.61 per share compared to analyst estimates for $1.62 per share, although its revenues of $35.1 billion came in above expectations for $34.6 billion.