Why Shares of Ubiquiti Tumbled Today
Shares of Ubiquiti (NYSE: UI) slumped on Friday after the networking company reported its fiscal second-quarter results. The company missed analyst estimates across the board, falling short of revenue expectations by a wide margin. The stock was down 20% at 10:45 a.m. EST.
Ubiquiti reported second-quarter revenue of $308.3 million, up 0.3% year over year and about $28.6 million below the average analyst estimate. Service provider technology revenue was down 13.7% to $97.7 million, while enterprise technology revenue was up 8.5% to $210.6 million.
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Source Fool.com
