Why Ribbon Communications Stock Tanked Today
Shares of Ribbon Communications (NASDAQ: RBBN) have tanked today, down by 13% as of 10:50 a.m. EDT, after the company reported first-quarter earnings. The results were mostly in line with expectations, but guidance for the second quarter came in a little light.
Revenue in Q1 was $192.8 million, just shy of the $193.5 million in sales that analysts were expecting. That translated into adjusted earnings per share of $0.03, beating the consensus estimate of $0.02 per share in adjusted profits. The communications technology company noted that some of its revenue growth was attributable to its acquisition of ECI Telecom in March of last year.
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Source Fool.com
