CALX - Why Calix Stock Plummeted by 5% on Tuesday
2024-04-23 19:15:04 ET
Broadband communications specialist Calix (NYSE: CALX) likely felt that investors were hanging up on its stock Tuesday. The company published its first-quarter results, and while there were numerous developments to like, investors weren't cheered by what management saw in their crystal ball. As a result, the stock's price fell by more than 5% on a day when the S&P 500 index was well in positive territory with a 1.2% increase.
Calix's first-quarter results showed that the company suffered a decline in revenue; it slid by nearly 10% to slightly over $226 million for the period. Compounding this, it didn't reach the average analyst estimate, which was $228 million and change.
As for the bottom line, Calix saw a more pronounced tumble in non-GAAP (adjusted) net income. This came in at $14.4 million, well under the almost $21.5 million of the year-ago quarter. On the bright side, however, the $0.21 per share narrowly beat the consensus analyst estimate of $0.20.
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Why Calix Stock Plummeted by 5% on Tuesday