Market Insider

Comtech shares plummet after revenue miss

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Shares of Comtech plunged as much as 24 percent Thursday after the company released its first quarter fiscal 2017 results that missed Street expectations for revenue.

The stock later recovered some of its losses, but still ended the session 17 percent lower.

According to a statement released on Wednesday, the communications company posted revenue of $135.8 million, missing analysts' projections of $139.1 million, according to a Thomson Reuters consensus estimate.

However, Comtech reported a narrower-than-expected loss of 11 cents per share, compared to analysts expecting a loss per share of 16 cents, according to a consensus estimate from Thomson Reuters.

The communications company said that for fiscal 2017, it expects earnings of 30 cents per share on revenue of approximately $600 million. Analysts were expecting earnings of 29 cents per share on revenue of $597.3 million, according to Thomson Reuters.

Comtech shares have fallen roughly 47 percent since the beginning of the year. Its shares closed on Thursday at $10.55.

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