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Why Altair Engineering Stock Got Crushed Today

TheMotleyFool

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Why Altair Engineering Stock Got Crushed TodayPhoto, wide shot, wide-angle lens, Conglomerate, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.theapi.app/temp/95f18fed-a4d6-4069-b489-4d050c74c618.png

Shares of Altair Engineering (NASDAQ: ALTR) have gotten crushed today, down by 18% as of 1:40 p.m. EST, after the company reported third-quarter earnings. The engineering software and services provider also said it would be acquiring DEM Solutions.

Revenue in the third quarter increased 18% to $100.4 million, which led to an adjusted net loss of $7.2 million, or $0.09 per share. Analysts were expecting the company to post a profit of $0.05 per share. Altair has purchased DEM Solutions, which makes Discrete Element Method (DEM) software for bulk material simulation, but no financial terms were disclosed.

Image source: Getty Images.

Source Fool.com

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