KN - Why Knowles Stock Fell Hard Today
Shares of Knowles (NYSE: KN) , a manufacturer of micro-acoustic microphones and speakers, plunged today after the company reported worse-than-expected fourth-quarter revenue and as management issued guidance for the first quarter that was far below Wall Street's consensus estimates.
The tech stock tumbled 17.3% as a result.
Knowles reported non-GAAP (adjusted) earnings of $0.33 in the quarter, which was down 31% from the year-ago quarter but matched Wall Street's average estimate. Additionally, the company's fourth-quarter revenue dropped nearly 16% to $197.1 million and fell below analysts' consensus estimate of $210 million.
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Why Knowles Stock Fell Hard Today