Why Quantenna Communications, Inc. Stock Fell 35% Today
Shares of Quantenna Communications (NASDAQ: QTNA) plunged as much as 35.4% lower Tuesday morning, following the release of solid third-quarter results with a side of gloomy next-quarter guidance. As of 12:25 p.m. EST, the wireless networking specialist's stock was still trading 34.4% below Monday's closing prices.
Quantenna's preliminary release showed third-quarter sales rising 47% year over year to land at $50.1 million, ahead of the Street's $49.9 million consensus estimate. On the bottom line, adjusted earnings more than tripled to $0.14 per diluted share. Here, analysts would have settled for $0.08 per share.
Looking ahead, Comcast (NASDAQ: CMCSA) has delayed its rollout of next-generation Quantenna chips supporting wireless speeds of 10 gigabits per second, which triggered soft guidance for the next quarter. Fourth-quarter sales are now seen stopping near $41 million, and Quantenna should report an adjusted net loss of roughly $0.03 per share next quarter. That would compare to an adjusted $0.03 profit per share on sales of $37.5 million in the year-ago period. Analysts are currently looking for fourth-quarter earnings of approximately $0.09 per share on sales near $53.3 million.
Source: Fool.com
