Shares of cybersecurity solutions company A10 Networks (NYSE:ATEN) fell as much as 17.3% on Friday, following A10's first-quarter earnings report. As of 12:41 p.m. EDT, the stock was down 11.3%.
Shares were likely down because the company's first-quarter results and second-quarter guidance were below analysts' consensus forecasts.
A10 reported first-quarter revenue of $50.3 million, up from $49.2 million in the first quarter of 2018. Non-GAAP loss per share for the period was $0.09. On average, analysts were expecting revenue of $51.7 million and a narrower non-GAAP loss per share of $0.07.
A10 Networks CEO Lee Chen seemed pleased with the quarter in the company's first-quarter earnings release, noting that security product revenue was up 22% year over year. He also said the company "secured another 5G design win with a top mobile provider in Korea and forged ahead in our efforts to drive further product innovation that supports the commercial roll-out of 5G networks."
For the company's second quarter of 2019, A10 said it expects revenue between $51 million and $56 million. In addition, it guided for non-GAAP earnings per share between a loss of $0.08 and breakeven.
A10's guidance range for its second quarter was below analysts' consensus forecast for second-quarter revenue of $57.7 million. In addition, the midpoint of management's outlook for its second-quarter non-GAAP earnings per share was behind analysts' outlook for breakeven.