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Why ORBCOMM Stock Plunged Today

TheMotleyFool

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Why ORBCOMM Stock Plunged TodayPhoto, wide shot, wide-angle lens, Janitorial service, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/4d4e885c-79e9-4b8f-bd91-e9721cd7c2e9.png

Shares of ORBCOMM (NASDAQ: ORBC) have plunged today, down by 19% as of 12:20 p.m. EDT, after the company reported third-quarter earnings results. The maker of industrial Internet of Things technology missed on both the top and bottom lines.

Total revenue in the third quarter declined to $69.2 million, shy of the consensus estimate of $71.4 million. That translated into a net loss of $4 million, or $0.05 per share, $0.01 worse than the $0.04 per share in adjusted losses that the market was expecting. Adjusted EBITDA was $16.9 million in the third quarter.

Image source: Getty Images.

Source Fool.com

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