Why Ubiquiti Stock Tanked by 15% Today
Veteran networking products specialist Ubiquiti (NYSE: UI) took a big hit to its share price on Friday. The company divulged its latest quarterly performance metrics, and the market reacted to this by trading the stock down by nearly 15%. And that was on a generally positive day for stocks, with the S&P 500 index edging up by almost 1%.
For its first quarter of fiscal 2024, Ubiquiti's revenue totaled slightly over $463 million. This was down from the more than $498 million in the same period a year ago. Adjusted net income also declined, slipping to $88.9 million ($1.47 per share) from the first quarter 2023 profit of $94 million.
Both headline numbers missed analyst estimates by a mile. Collectively, prognosticators tracking Ubiquiti stock were anticipating the company would post revenue of over $546 million, and net an adjusted profit of $2.17 per share.
Source Fool.com
