What happened
Shares of Kopin (KOPN 5.74%) were tumbling this morning after the company reported second-quarter results that failed to meet analysts' consensus estimates.
The tech stock fell by as much as 17.9% today and was down by 15.8% as of 11:24 a.m. EDT.
So what
Kopin's revenue increased 12% from the year-ago quarter to $9.9 million, but that fell short of Wall Street's consensus estimate of $11.6 million for the quarter. Additionally, the company's adjusted net loss per share of $0.04 was worse than analysts' consensus estimate of a loss of $0.02 per share.
Image source: Getty Images.
Investors clearly weren't happy with the results and sent the company's share price reeling today, but Kopin's management was a bit more optimistic.
CEO John Fan said in a press release, "We are pleased with our second quarter results as we continued to see growing demand for our products across our key business segments, including defense, enterprise and consumer."
Now what
Kopin's share price has been cut in half since mid-February, but even with today's share price drop, the company's stock has still gained 174% over the past 12 months.
Today's big sell-off shows that Kopin's stock can be a bit volatile, which means long-term investors may have to stomach some wild share price swings with this stock.
