Here's Why RigNet Stock Is Slumping Today

Shares of RigNet (NASDAQ: RNET) sold off on Tuesday, down more than 11% as of 2:45 p.m. EDT, after the remote communications specialist reported second-quarter results.

RigNet posted mixed results this quarter. Revenue came in at $49.2 million, which was down 10.5% year over year and slightly below the consensus estimate, though it was 2.3% higher than last quarter. Meanwhile, its net loss came in at $4.3 million, or $0.24 per share, which was an improvement from last year but deepened from the first quarter. Furthermore, RigNet's loss was $0.18 per share more than analysts had expected. Meanwhile, both adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and unlevered free cash flow fell sequentially and year over year. However, the company did still generate $1.1 million in unlevered free cash flow and increased its market position by servicing 5% more sites than last quarter.

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Source: Fool.com