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Zebra Technologies falls 8.76% as memory costs squeeze margins despite record quarter

The barcode scanner and mobile computer maker beat estimates, but a thinner gross margin and an in-line outlook weighed on the stock.

· AP's Morning Brief

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Zebra Technologies shares fell on Tuesday even though the maker of barcode scanners and mobile computers reported a record third quarter that beat Wall Street estimates.

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Revenue rose 22.3% from a year earlier to $1.61 billion, and adjusted earnings came to $4.95 per share, according to CNBC and Yahoo Finance. Analysts polled by FactSet had expected $4.89 per share on revenue of $1.57 billion. Part of the growth came from Elo Touch, a business Zebra acquired.

The concern was profitability. Gross margin slipped to 45.7% from 48.0% a year earlier, which the company blamed mainly on higher memory component costs and business mix, according to its release. Adjusted gross margin was 46.0%, below the FactSet consensus of 47.7%, CNBC reported. On the earnings call, management said price increases offset nearly half of a more than $50 million rise in memory costs from a year earlier.

Zebra guided fourth-quarter adjusted earnings to between $5.00 and $5.40 per share. The midpoint of $5.20 sits just under the analyst consensus of $5.21, according to Yahoo Finance and Investing.com.

Zebra closed at $329.50 on the Nasdaq, down $31.63, or 8.76%, from Monday's close of $361.13, after trading at $330.45 as of 3:17 p.m. ET.

Update, Nov 3, 2026: An earlier version gave intraday figures as of 3:17 p.m. ET; updated with official closing prices.

Sources

  1. Zebra Technologies (release) — Q3 2026 gross margin 45.7% vs 48.0% prior year, primarily due to increased memory component costs and business mix; adjusted gross margin 46.0% vs 48.2%.
  2. CNBC — Zebra earned $4.95 per share adjusted on revenue of $1.61 billion vs FactSet $4.89 on $1.57 billion; midday Nov. 3, 2026 shares fell 6% after adjusted gross margin of 46% vs FactSet 47.7%.
  3. Yahoo Finance — Q3 revenue up 22.3% to $1.61 billion with contributions from Elo Touch; adjusted EPS $4.95 vs $4.89 consensus; Q4 adjusted EPS guidance $5.00 to $5.40, midpoint $5.20 vs consensus $5.21.
  4. Investing.com (earnings call transcript) — Pricing actions mitigated nearly one half of the greater than $50 million year-on-year increase in memory costs; previous session price $361.13; Q4 EPS midpoint $5.20 vs consensus $5.21.
  5. Nasdaq.com quote (ZBRA) — ZBRA last sale $330.445 (about $330.45), net change -30.685 (about -30.68), -8.50% as of Nov 3, 2026 3:17 PM ET, market open; implied Nov. 2 regular-session price $361.13.
  6. Yahoo Finance (ZBRA chart data) — ZBRA Nov 2, 2026 regular-session price $361.13; Nov 3 price $331.23 shortly after 3:17 PM ET.
  7. CNBC quote (ZBRA) — ZBRA official close Nov 3, 2026: $329.50 at 4:00 PM ET, change -31.63 (-8.76%) from Nov 2 close $361.13.
  8. Yahoo Finance historical data (ZBRA) — ZBRA Nov 3, 2026 close $329.50; Nov 2, 2026 close $361.13; change -31.63, -8.76%.