Shares of the Huntsville, Alabama based ADTRAN, Inc’s (NASDAQ:ADTN) moved down over 12% on Wednesday as the company Q2 revenue failed to meet Wall Street’s forecasts as clients started to crack down on their spending.
The networking equipment maker also reported that the uncertain economic environment is making it cautious for the temporary.
Adtran announced on late Tuesday that its net income in the recent quarter fell 43% to $21.1 million or 33 cents a share from $36.9 million or 56 cents a share in previous year. The company earned 38 cents a share without acquisition-related costs and other charges.
The company reported that revenue for the quarter finished June 30 fell slightly to $184 million, from $184.2 million. FactSet analyst’s survey forecasted earnings of 36 cents a share on $188.3 million of revenue.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Calix, Inc. (NYSE:CALX) fell -10.12% to settle at $6.48, Cisco Systems, Inc. (NASDAQ:CSCO) moved down -0.18% to end at $16.38 while Tellabs, Inc. (NASDAQ:TLAB) plunged -4.20% to finish on Wednesday at $3.42.
ADTRAN, Inc. (NASDAQ:ADTN) last session volume of 7.50 million shares was surprisingly higher than its average volume of 782,390.00 shares. The stock after opening at $24.03 hit high price of $24.79 and then closed at $23.01 by scoring -15.37%.
The liquidity measure in recent quarter results of the company was recorded +5.50 as current ratio and on the other side the debt to equity ratio was 0.07 and long-term debt to equity ratio also remained 0.07. The Company had total cash at hand $10.33 million and a book value per share as $0.57 in the most recent quarter.
The stock price volatility was 4.84% for a week and 3.56% for a month as well as price volatility’s Average True Range for 14 days was 1.24 and its beta remained 1.28.
ADTN generated revenue of 686.44 million in the following twelve months and earned $117.28 million. The Company showed a positive 17.09% in the net profit margin and as well as in its operating margin which remained 23.27%. Company’s annual sales growth for the past five year was 8.70%.
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