The Ruckus Wireless booth, drawing a crowd at the National Retail Federation's Big Show in New York City last month. Credit: Ruckus Wireless via Facebook.

Shares of Ruckus Wireless (NYSE:RKUS) stock were down 7.7% as of 4:17 p.m. ET Tuesday as after-market traders dumped the stock on worse-than-expected revenue growth. Here's a closer look at the final totals versus Wall Street's projections:

Ruckus WirelessRevenueYOY GrowthEPSYOY Growth
Consensus estimate  $88.8 million  21.6%  $0.12  71.4%
Q4 actuals  $85.9 million  17.6%  $0.12  71.4%
DIFFERENCE  ($2.9 million)  (4%)  $0.00  0%

Sources: S&P Capital IQ and Ruckus Wireless press release.

For the full year, Ruckus Wireless reported $326.92 million in revenue and $0.44 a share in non-GAAP profit. Analysts tracked by S&P Capital IQ were calling for $329.87 million and $0.43 a share, respectively.

"Our new products and solutions have enabled us to expand our addressable market and grow market share, which should be key revenue drivers for us in 2015 and beyond," said CEO Selina Lo in a press release announcing Q4 and full-year results.

What went right: Cost of revenue grew just 11.8%, leading to a nice improvement in gross margin -- to 68.4% from 66.7%in last year's Q4. Ruckus has expanded margins every year since 2010, S&P Capital IQ reports.

What went wrong: Revenue growth came slower than expected despite a vast and growing customer base. As of Q4, Ruckus had over 48,000 enterprise end-customers and served 200 service providers. A greater emphasis on Wi-Fi calling among carriers should continue to drive growth.

What's next: Looking ahead, Ruckus expects total revenue in the range of $84 million to $87 million and $0.08 to $0.09 in non-GAAP earnings per share. Analysts tracked by S&P Capital IQ have the wireless specialist generating $89.91 million in revenue and $0.11 a share, respectively. In either case, Ruckus appears headed for a significant improvement from last year's Q1 results. ($75.05 million and $0.05, respectively). 

Longer term, they have Ruckus Wireless generating 24.71% average annual earnings growth during the next three to five years.

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