Shares of Smart Global Holdings (NASDAQ: SGH) closed the trading session Friday down by 44.4% after the company announced disappointing quarterly results and weak forward guidance.

For its fiscal fourth quarter, which ended Aug. 25, net sales from continuing operations declined by 12.6% year over year to $316.7 million, translating to adjusted (non-GAAP) net earnings of $0.35 per share. Analysts, on average, had been modeling for earnings of $0.46 per share on revenue of $375 million.

CEO Mark Adams noted the company is contending with "what remains a challenging global economic environment," adding that its "team has made significant progress in our transformational journey toward becoming an enterprise solutions company focused on higher quality revenue and improving gross margins."

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Source Fool.com