Shares of Extreme Networks, Inc., a networking solutions provider, fell more than 17% on Wednesday morning following a decline in the company's second-quarter profit. The earnings reported also fell short of analyst predictions.
The net profit for the quarter stood at $3.99 million or $0.03 per share, a significant decrease from $17.93 million, or $0.13 per share, a reduction largely attributed to increased expenses.
After adjusting for certain items, the reported earnings were $31.48 million or $0.24 per share for the period. On average, analysts had predicted the company would earn $0.25 per share, based on data compiled by Thomson Reuters.
Currently, EXTR's shares stand at $17.38. Over the past year, they have ranged from $13.10 to $32.73.
