VIAV - Why Viavi Solutions Stock Was Down This Week
2023-04-21 12:07:51 ET
Viavi Solutions (NASDAQ: VIAV) shareholders lost ground to the market this week. The stock fell 13% through early-Friday trading, according to data provided by S&P Global Market Intelligence , while the S&P 500 declined 0.3%. The networking solutions provider's stock is now down 15% so far in 2023 compared to an 8% increase in the wider market.
This week's slump was sparked by a surprisingly weak earnings update about demand trends into early 2023.
Management on Monday announced preliminary results for the fiscal third quarter that ran through early April. Sales are likely to land at between $246 million and $248 million, executives said, missing their prior forecast of between $256 million and $276 million. Profit margin will also come in lower than expected, with non-GAAP (adjusted) operating margin of about 11% compared to the forecast of between 13% and 14.2%.
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Why Viavi Solutions Stock Was Down This Week