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Why RigNet Stock Is Sinking Today

TheMotleyFool

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Why RigNet Stock Is Sinking TodayPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/ad10ed87-71d0-4096-a50b-ba9470f8264b.png

Shares of RigNet (NASDAQ: RNET) had plunged more than 10% by 1:30 p.m. EDT on Tuesday. Fueling the offshore communications and software company's slump were its lackluster second-quarter results.

RigNet continues to struggle with a challenging offshore drilling market. While conditions are improving, the company isn't bouncing back as much as analysts anticipated. That was evident during the second quarter.

Image source: Getty Images.

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