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Why Casa Systems Stock Got Crushed Today

TheMotleyFool

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Why Casa Systems Stock Got Crushed TodayPhoto, wide shot, wide-angle lens, Cable TV provider, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.midjourneyapi.xyz/temp/51ec7f0d-2b5e-41f6-baa4-43bf0f5d7e7d.png

Shares of Casa Systems (NASDAQ: CASA) were plunging Thursday after the 5G and broadband technology specialist reported that its revenue had tumbled in the first quarter and management suspended its guidance for the year. Supply chain challenges were the main reason for the disappointing performance.

As a result, the stock was down 21% as of 12:45 p.m. ET. Meanwhile, after a rally on Wednesday, the tech-heavy Nasdaq Composite was down by 5% at that point in Thursday's session, largely on macro-economic concerns.

Image source: Getty Images.

Source Fool.com

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