Exelixis (EXEL) Tumbles 16.8% as Q2 Earnings Disappoint

We recently published Massive Drop Alert: These 10 Stocks Take a Beating. Exelixis, Inc. (NASDAQ:EXEL) is one of the worst-performing stocks on Tuesday.

Exelixis nosedived by 16.78 percent on Tuesday to close at $36.94 apiece as investors took path from a dismal earnings performance in the second quarter of the year.

In its earnings release, Exelixis, Inc. (NASDAQ:EXEL) said net income during the period dropped by 18 percent to $185 million from $226 million in the same period last year.

Photo by National Cancer Institute on Unsplash

Revenues, on the other hand, dropped by 10.8 percent to $568 million from $637 million year-on-year.

For the full-year period, Exelixis, Inc. (NASDAQ:EXEL) expects total revenues to end between $2.25 billion and $2.35 billion, while net product revenues are projected to settle at a range of $2.05 billion to $2.15 billion.

Commenting on the performance, Exelixis, Inc. (NASDAQ:EXEL) said that the company “continued to execute on our corporate objectives in the second