Applied Optoelectronics (NASDAQ:AAOI) stock is taking a beating on Friday after the data networking company released its earnings report for the fourth quarter of 2023.
The company’s earnings report starts off solid, with its adjusted earnings per share of 4 cents. That’s better than the flat earnings per share that Wall Street was expecting. It’s also a major improvement over the -19 cents per share reported in the same period of the year prior.
Unfortunately, the report then turned sour, with Applied Optoelectronics’ revenue of $60.45 million. That’s below analysts’ revenue estimate of $65.2 million for the quarter. It’s also down from the $61.6 million in revenue reported in the fourth quarter of the prior year.
Q1 Outlook Hits AAOI Stock
Not helping AAOI shares today is the company’s adjusted EPS guidance of -28 cents to -33 cents for Q1 2024. That would have it missing Wall Street’s estimate of -1 cents per share.
Alongside that is a revenue outlook of $41 million to $46 million for the first quarter of 2024. Yet again, that would come in below analysts’ revenue estimate of $66.18 million.
AAOI stock is down 32.2% as of Friday morning, with more than 1 million shares traded. Its daily average trading volume is about 3.4 million shares.
Investors who are searching for all of the hottest stock market news are in luck!
We’re offering insight into the biggest stock market stories on Friday! That includes what’s happening with shares of Charge Enterprises (NASDAQ:CRGE) stock, Telesis Bio (NASDAQ:TBIO) stock and Beneficient (NASDAQ:BENF) stock today. All of that news is ready to go at the following links!
More Stock Market News for Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
