Here’s Why RigNet, Inc.'s Slide Continued in November
Shares of RigNet, Inc. (NASDAQ: RNET) declined more than 6% in November and have now lost more than a third of their value this year. Driving the sell-off is the continued weakness in the offshore communication service company's financial results.
RigNet reported its third-quarter results last month. On the plus side, revenue rose 0.5% to $50.8 million. However, that was about a half-million dollars below analysts' expectations. Meanwhile, the company's net loss widened to $0.23 per share, which missed the consensus estimate by $0.14 share. That wasn't the first time it missed expectations as it has fallen short of analysts' estimates on both the top and bottom lines in all three quarters of 2017.
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Source: Fool.com
