Here’s Why RigNet Inc’s Stock Is Plunging Today

Here’s Why RigNet Inc’s Stock Is Plunging Today

Shares of RigNet (NASDAQ: RNET) slumped on Tuesday and were down more than 10% at 2:30 p.m. EST. Fueling the sell-off was its third-quarter report, which missed analysts' expectations by a mile.

RigNet reported $50.8 million in revenue during the third quarter. This number was 0.5% above last year's third quarter, but was $0.5 million below the consensus estimate. Further, the company's net loss widened from $1.7 million, or $0.09 per share, in the year-ago period to $4.2 million, or $0.23 per share. That missed expectations by $0.14 per share.

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Source: Fool.com