Why Viavi Stock Fell Hard Today
The share price of Viavi Solutions (NASDAQ: VIAV) was tumbling today after the company reported worse-than-expected results for its first quarter of fiscal 2023.
The company, which sells testing and monitoring equipment and services to communications service providers and other companies, missed Wall Street's consensus revenue estimate and issued guidance that was below expectations. As a result, the tech stock crashed 22.9% as of 3:12 p.m. ET on Friday.
Viavi's adjusted earnings per share of $0.23, down 4% from the year-ago quarter, were on par with Wall Street's consensus estimate.
Source Fool.com
