Why Extreme Networks Stock Slumped Today
Shares of Extreme Networks (NASDAQ: EXTR), a cloud-based networking management company, were tumbling today after the company reported its third-quarter financial results. Despite beating analysts' consensus estimates for both earnings and revenue, investors appeared to be disappointed with management's outlook.
The tech stock plummeted by as much as 20% today and was down by 14.5% as of 1:32 p.m. ET.
Extreme Networks reported sales of $285.5 million in the quarter, up 13% year over year, which was higher than Wall Street's consensus estimate of $280.8 million. Additionally, the tech company's non-GAAP earnings per share of $0.21 easily outpaced analysts' consensus estimate of $0.18 per share.
Source Fool.com
