Shares of CalAmp (CAMP 1.59%) were tumbling today after the company reported first-quarter results that missed Wall Street's top- and bottom-line expectations.
The tech stock plunged by 23.4% as of 10:46 a.m. ET.
CalAmp reported a non-GAAP (adjusted) loss per share of $0.10 in the quarter, which was much worse than analysts' consensus estimate of a loss of $0.03.
The company's revenue of $64.7 million -- a decrease of nearly 19% from the year-ago quarter -- was also below Wall Street's average estimate of $69.4 million.
CalAmp's management tried to focus on some positive news and highlighted the fact that its software and subscription services revenue grew 13% from the year-ago quarter and now accounts for 61% of the company's total sales.
"Although our revenue continues to be impacted by the supply chain constraints, including the China-related lockdowns during the quarter, we remain focused on accelerating customer transitions toward our goal of converting all eligible device customers to recurring contracts by the end of our fiscal year," CalAmp's CEO, Jeff Gardner, said in a press release.
CalAmp's management said that it's maintaining its policy of not providing quarterly guidance, but did say, "Visibility into product shipments still remains uncertain due to the global component supply shortages." It added that the company expects quarterly revenue growth in the second quarter "to be in the mid to high single digit percentage points."
With such disappointing results for the first quarter and investors already skeptical of the tech sector right now amid sky-high inflation, it's no surprise to see CalAmp's shares tumbling today.