VIAV - Why Viavi Solutions Stock Plummeted Today
2023-04-17 18:51:49 ET
Viavi Solutions (NASDAQ: VIAV) published preliminary results for its recently ended quarter on Monday, and investors clearly weren't happy with them. Following the move, the market sold out of Viavi stock to the point where it booked a more than 9% loss on the day. In sharp contrast, the S&P 500 index finished Monday in positive territory, at 0.3%.
For its fiscal third quarter of 2023, Viavi believes it will post revenue of $246 million to $248 million. Rather uncomfortably, this is notably below its most recent guidance of $256 million to $276 million for the period. It's also substantially below the average analyst estimate, which according to data compiled by Yahoo! sits slightly north of $269 million.
Viavi, once upon a time known as JDS Uniphase, specializes in testing and monitoring solutions for the communications sector.
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Why Viavi Solutions Stock Plummeted Today