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Why Emcore Stock Fell Off a Cliff Today

TheMotleyFool

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Shares of Emcore (NASDAQ: EMKR) -- which provides mixed-signal products (chips that can process both analog and digital signals) for use in aerospace, defense, and other industries -- plummeted today after the company reported worse-than-expected results for its first quarter.

Investors were disappointed with the company's earnings and a subsequent downgrade from an analyst, which sent the tech stock plummeting 32.6% as of 11:56 a.m. ET on Thursday.

Emcore reported non-GAAP earnings of $0.14 per share, which missed the analysts' consensus estimate of $0.17 per share. Meanwhile, the company's revenue of $42.2 million just eked past Wall Street's expectation of $42.16 million.

Source Fool.com

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