ADTRAN Inc. (ADTN) disclosed a loss for its first quarter that not only increased from the previous year but also surpassed Wall Street's projections.
The tech firm's loss landed at $324.55 million or $4.12 per share, a significant increase from last year's first quarter loss of $40.083 million or $0.51 per share.
However, when adjustments for certain items were made, ADTRAN's calculated loss was lower at $1.669 million or $.02 per share for the quarter.
Beforehand, financial analysts had projected an average loss of $0.11 per share based on calculations assembled by Thomson Reuters. Their predictions commonly do not incorporate special items.
Unfortunately, ADTRAN's quarterly revenue slipped by 30.2%, settling at $226.173 million from last year's $323.912 million in revenue.
To summarize, on a GAAP basis, ADTRAN’s losses for the quarter increased to $324.55 million compared to last year's $40.083 million. Earnings per share (EPS) also worsened to a loss of $4.12 from a loss of $0.51, and revenues tumbled to $226.173 million versus $323.912 million from the previous year.
