Align Technology (ALGN, Financials) plunged nearly 37% Thursday, its sharpest drop in over eight years, after second-quarter results missed expectations and the company announced a major restructuring. Revenue slipped 1.6% year over year to $1.01 billion, while adjusted EPS came in at $2.49. Analysts polled had forecast $1.06 billion in revenue and $2.57 EPS.
The Invisalign maker said it will cut jobs and take other steps in the second half of 2025 to streamline operations and reallocate resources toward long-term growth. The company expects one-time charges of $150 million to $170 million related to the plan.
Shares closed at $129, making Align the worst-performing stock in the S&P 500 for the day.
