Why Is Telecommunications Company Calix Stock Taking A Hit Today?
Portfolio Pulse from Shivani Kumaresan
Calix Inc (NYSE:CALX) reported a Q1 FY24 sales decline of 9.5% YOY to $226.31 million, missing estimates. Gross margin expanded to 54.2%, but gross profit fell 4.3%. Operating expenses rose 5.5%, leading to an operating loss of $2 million. Adjusted EPS of $0.21 beat estimates. Q2 revenue outlook is below consensus, with expected adjusted EPS significantly lower than estimates. CALX shares dropped 18.44% in premarket trading.
April 23, 2024 | 10:19 am
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NEGATIVE IMPACT
Calix Inc reported a disappointing Q1 FY24 with a sales decline and missed estimates, alongside a bleak Q2 outlook. Shares fell 18.44% premarket.
The significant sales decline and missed estimates, coupled with a negative outlook for Q2, directly impact investor sentiment and stock price. The premarket drop of 18.44% indicates a strong negative short-term impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100