2023-04-14 18:05:09 ET
Networking and communications equipment specialist Adtran Holdings (NASDAQ: ADTN) probably wishes it had called in sick this week. The company's share price saw a very steep fall across the five trading days this week; according to data compiled by S&P Global Market Intelligence , it slid by nearly 32%. A disappointing preliminary earnings report from the company was primarily to blame.
Biting the bullet, Adtran unveiled those provisional figures on Monday. These indicate that the specialty tech company will post $322 million to $326 million in revenue for its first quarter, which is quite some way down from its guidance of $355 million to $375 million. That range also sits notably below the average analyst top-line estimate of slightly over $346 million.
Adtran attributed this (potentially) weaker-than-expected performance to customer inventory corrections; these had a negative impact on its subscriber solutions products. Supply constraints experienced by a wide variety of tech businesses also played a role.
For further details see:
Why Adtran Holdings Stock Plunged by 32% This Week