Shares of computer peripherals company Electronics for Imaging (NASDAQ:EFII) were slammed on Friday following the company's third-quarter earnings release. The stock fell as much as 33.2% and is down 30% at the time of this writing.
The stock's sell-off was likely triggered by the company's worse-than-expected financial results that missed both analysts' and management's expectations. Revenue and non-GAAP EPS for the quarter were $248.4 million and $0.48, respectively. This compares to revenue and non-GAAP EPS of $245.6 million and $0.58 in the year-ago quarter.
Both revenue and non-GAAP EPS were below expectations. Analysts were expecting third-quarter revenue and EPS of about $258 million and $0.58, respectively.
"We are clearly disappointed in the third quarter results, which fell below our expectations largely due to delayed deals in our direct business," said EFI CEO Guy Gecht.
EFI stock has had a tough past six months. After today's decline, shares are down a total of about 36% during this period. Shares were hurt in August when the company admitted to likely accounting woes.
To reaccelerate growth, Gecht said the company is "reallocating budget and talent toward our largest opportunities, in textile and packaging, along with making organizational changes and adding senior positions to improve focus and execution."