Why Applied Optoelectronics Stock Sold Off Sharply Today
Shares of Applied Optoelectronics (NASDAQ: AAOI) sold off sharply today, down by 23% as of 3 p.m. EST, after the company reported third-quarter earnings. The results were mixed compared to analyst expectations, and the company's guidance left a lot to be desired.
Revenue in the third quarter came in at $76.6 million, which was shy of the $79 million in sales that Wall Street was looking for. That resulted in an adjusted net loss of $1.4 million, or $0.06 per share. The consensus estimate had called for an adjusted net loss per share of $0.08. The fiber optic networking technology company finished the quarter with $58 million in cash.
Image source: Getty Images.
Source Fool.com
