Why Emcore Stock Fell Off a Cliff Today
Shares of Emcore (NASDAQ: EMKR) — which provides mixed-signal products (chips that can process both analog and digital signals) for use in aerospace, defense, and other industries — plummeted today after the company reported worse-than-expected results for its first quarter. Investors were disappointed with the company’s earnings and a subsequent downgrade from an analyst, which sent the tech stock plummeting 32.6% as of 11:56 a.m. ET on Thursday. Emcore reported non-GAAP earnings of $0.14 per share, which missed the analysts’ consensus estimate of $0.17 per share.