(NYSE: CALX) stock is sinking Tuesday. The telecom software specialist's share price was down by 21.7% as of 12:30 p.m. ET, according to data from S&P Global Market Intelligence.

After the market closed Monday, Calix published its third-quarter results, with sales and earnings that came in ahead of the market's expectations. However, it appears that the market was disappointed with the company's guidance. An announcement from a competitor may also be factoring into Tuesday's sell-off. 

Calix recorded non-GAAP (adjusted) earnings per share of $0.45 on revenue of roughly $263.8 million, topping analysts' consensus estimates, which had called for earnings per share of $0.36 on sales of roughly $261.5 million. Sales were up 11.7% year over year, and earnings were up roughly 32%.

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Source Fool.com