Here's Why Bandwidth Shares Dropped More Than 30% on Thursday
The stock market ended a rocky Thursday session generally higher. The Dow Jones Industrial Average rose by about 0.3%, the S&P 500 finished 1.5% higher, and the tech-heavy Nasdaq popped by 3.3%.
Despite the general outperformance of technology stocks, though, cloud communications company Bandwidth (NASDAQ: BAND) had a terrible day as its shares fell by 32.1%. In fact, the last time Bandwidth's share price was this low was in 2018.
As you might expect, Bandwidth's move lower was driven by its fourth-quarter earnings report. But at first glance, that report might not seem too bad. The company beat analysts' estimates on both the top and bottom lines, and posted an adjusted profit when a small loss had been expected.
Source Fool.com
