Emcore (NASDAQ:EMKR) stock is falling hard on Thursday following the release of the navigation system and inertial sensing products company’s fiscal second quarter of 2024 earnings report.
That comes alongside revenue of $19.6 million for the quarter. This is still well below the $23.86 million in revenue that Wall Street was expecting. It’s also down from the $24.25 million reported in the same period of the year prior.
That’s despite the company reporting adjusted earnings per share of -8 cents during the quarter. This is better than the -30 cents per share analysts were predicting. It’s also better than the -$1.30 from the same time last year.
Emcore Chief Financial Officer Tom Minichiello said the following in the earnings report:
“Lower-than-expected revenue in the March quarter was primarily due to product shipment delays and declining revenue from our Budd Lake site. The lower top-line negatively impacted 2Q24 profit margins.”
Guidance Hits EMKR Stock
Emcore said it expects revenue for its fiscal third quarter of 2024 to range from $19 million to $21 million. That would see it come in below Wall Street’s revenue estimate of $26.21 million for the quarter.
It’s also worth noting that Emcore CEO Jeff Rittichier is leaving the company immediately. This also has him resigning from the board of directors. He remains on as a consultant while Emcore seeks out a new CEO.
EMKR stock is down 41.3% as of Thursday morning with 135,000 shares traded. That’s just above its daily average of roughly 130,000 shares.
Plenty more stock market stories are available below!
We offer up all of the hottest stock market news traders need to know about on Thursday! A few examples include why shares of Inspire Veterinary (NASDAQ:IVP) and Sezzle (NASDAQ:SEZL) stock are up today and the biggest movers this morning. All of that info is ready to go at the following links!
More Thursday Stock Market News
- Why Is Inspire Veterinary (IVP) Stock Up 35% Today?
- Why Is Sezzle (SEZL) Stock Up 43% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
