RBBN - Why Ribbon Communications Stock Plummeted Today
Shares of Ribbon Communications (NASDAQ: RBBN) plummeted by as much as 15% today after the company reported fourth-quarter earnings. The results were mixed relative to analyst expectations. As of 12 p.m. EST, the stock had pared some losses but was still down 8%.
Revenue in the fourth quarter was $244 million, a modest miss compared to the consensus estimate of $246.4 million in sales. That resulted in adjusted net income of $27 million, or $0.18 per share, which beat the Street's forecast of $0.14 per share in adjusted profits. The networking software technology company finished the year with $136 million in cash.
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Why Ribbon Communications Stock Plummeted Today