Why Altair Engineering Stock Got Crushed Today
Shares of Altair Engineering (NASDAQ: ALTR) have gotten crushed today, down by 18% as of 1:40 p.m. EST, after the company reported third-quarter earnings. The engineering software and services provider also said it would be acquiring DEM Solutions.
Revenue in the third quarter increased 18% to $100.4 million, which led to an adjusted net loss of $7.2 million, or $0.09 per share. Analysts were expecting the company to post a profit of $0.05 per share. Altair has purchased DEM Solutions, which makes Discrete Element Method (DEM) software for bulk material simulation, but no financial terms were disclosed.
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Source Fool.com
