Why Shares of Casa Systems Crashed Today
Shares of Casa Systems (NASDAQ: CASA) tumbled on Friday after the provider of broadband infrastructure solutions reported its third-quarter results. The company missed analyst estimates badly and substantially lowered its full-year guidance. As of 12:55 p.m. EDT, the small-cap stock was down 35.4%.
Casa reported third-quarter revenue of $81.8 million, up 14.4% year over year but $26.3 million below the average analyst estimate. "While our access device business was in line with our expectations for the third quarter, revenue from our cable products, as well as revenue recognition from our wireless backlog, were lighter than anticipated," said CEO Jerry Guo.
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Source Fool.com
