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Why IPG Photonics Stock Plummeted Today

TheMotleyFool

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Shares of fiber laser technology company IPG Photonics (NASDAQ: IPGP) plummeted today, down by 16% as of 8:50 a.m. EDT, after the company reported second-quarter earnings. The results missed the market's expectations.

Revenue in the second quarter increased 25% to $372 million, which was shy of the $376.9 million in sales analysts were expecting. Materials processing revenue comprised 93% of total sales during the quarter. That translated into net income of $69.8 million, or $1.29 per share, while the consensus estimate had called for $1.40 per share in profits.

Image source: Getty Images.

Source Fool.com

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