Shares of application networking specialist A10 Networks (ATEN -0.60%) have been crushed today, down by 24% as of 12 p.m. EDT, after the company reported third-quarter earnings results with sales falling short of market expectations.
Revenue in the third quarter came in at $55.1 million, which translated into non-GAAP net income of $0.2 million, or $0.00 per share, by the time you reach the bottom line. Analysts were expecting sales of $59.1 million and an adjusted net loss of $0.01 per share. Investors are punishing the company for the top-line shortfall.
CEO Lee Chen attributed the shortfall to several orders in North America coming in late that could not ship in time to be included in the third quarter. These deals will be pushed into future quarters. Chen expressed disappointment in the sales results, but believes the company can continue to drive leverage in its operating model. A10 Networks has also authorized a share repurchase program of $20 million over the next year.