What happened

It's another down day for ATM manufacturer Diebold Nixdorf (NYSE:DBD). Its shares closed 11.3% lower on Wednesday, after a decline of over 18% on Tuesday -- and presumably for the same reason: earnings.

So what

Yesterday, Diebold reported a big $1.74-per-share loss for its first quarter of 2019, worse than analysts had expected, and on declining revenue to boot.

Those facts alone might explain the stock's sharp, now-two-day-long slide in value. But there's also the added fact that, prior to the earnings release, Diebold's shares had more than quintupled in value, shooting up from $2.49 to $13.30 per share since the end of 2018. With earnings now looking vulnerable, investors may have decided it's time to cash out before they lose any more of their gains -- perversely accelerating the stock's decline as a result of all the selling.

Stock chart going up, then down

Image source: Getty Images.

Now what

If that's the case, then bad as Diebold's decline has already been, it's actually possible these declines could continue -- even though Diebold management reiterated its guidance for this year, it still expects revenue to come in between $4.4 billion and $4.5 billion, and it still believes it can return to breakeven free cash flow this year.

Diebold's news yesterday wasn't as bad as it was made out to be. Yet because the stock has gone up so much already, it now has even farther to (potentially) fall.