Silver Spring Networks (SSNI) stock took a hit after the company announced preliminary financial results for its fourth quarter.
The networking platform and solutions company failed to close a few deals that impacted its fourth quarter and year ended December 31, 2013. Silver Spring Networks CEO Scott Lang said that the company expects top line to grow approximately 13%.
“We made good progress in expanding our global footprint and growing our total backlog to a record $875 million, representing growth of 17% year-over-year,” Lang added. The company will host a conference call at 5:00 pm ET to discuss its preliminary fourth quarter, its 2013 financial results and its outlook for the future.
SSNI stock is down 23.2% in early trading Friday.