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Why Extreme Networks Stock Slumped Today

TheMotleyFool

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Why Extreme Networks Stock Slumped TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7835e381-fcae-4834-ba93-4708292dc055.png

Shares of Extreme Networks (NASDAQ: EXTR), a cloud-based networking management company, were tumbling today after the company reported its third-quarter financial results. Despite beating analysts' consensus estimates for both earnings and revenue, investors appeared to be disappointed with management's outlook.

The tech stock plummeted by as much as 20% today and was down by 14.5% as of 1:32 p.m. ET.

Extreme Networks reported sales of $285.5 million in the quarter, up 13% year over year, which was higher than Wall Street's consensus estimate of $280.8 million. Additionally, the tech company's non-GAAP earnings per share of $0.21 easily outpaced analysts' consensus estimate of $0.18 per share.

Source Fool.com

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