Clorox Shares Plunge Over 8% as Cyberattack Severely Impacts Sales and Profits

Clorox shares fell over 8% on Thursday after the company said a cyberattack in August significantly impacted sales and profits.

The attack hampered Clorox's production capabilities, and the company is still dealing with the aftermath.

Clorox expects to report a 23-28% sales decline and a gross margin drop for the quarter ended Sept 30.

The company projects an adjusted per share loss of up to 40 cents due to the cyberattack's impact.

Raymond James downgraded Clorox's stock to market perform, citing the larger than expected impact from the cyberattack.