Why Applied Optoelectronics Stock Tanked by Almost 6% Today
Applied Optoelectronics (NASDAQ: AAOI), a company that manufactures fiber optics networking components, probably wishes it had called in sick on Wednesday. Its stock price fell by nearly 6% on the day, no thanks to a quarterly earnings report that displeased investors. That decline was far steeper than the almost 0.8% slide of the S&P 500 index.
For its second quarter, Applied booked revenue of $43.3 million, a figure that was higher -- but not overwhelmingly so -- than the $40.7 million it earned in the same period of 2023. It posted losses according to both generally accepted accounting principles (GAAP) and non-GAAP (adjusted) standards; under the latter, its net loss was $10.9 million ($0.28 per share). This was notably deeper than the $6.1 million deficit of the second quarter of 2023.
Those headline figures came close to the consensus analyst estimates. Prognosticators tracking Applied stock were modeling just over $44.1 million for revenue, and an adjusted net loss of $0.29 per share.
Source Fool.com
