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What's Happening: Shares of Ruckus Wireless (NYSE:RKUS) sank on Friday after the company missed analyst estimates for both earnings and revenue when it reported its first-quarter results. After opening down 10% on Friday, the stock had partially recovered by 11:40 a.m., down about 6% at that time.

Why It's Happening: Ruckus reported revenue of $82.08 million for the quarter, up 9.4% year-over-year but a few million dollars short of what analysts were expecting. Ruckus stated that revenue was negatively affected by both large deals in the North American Enterprise business taking longer than expected to close and delays in education spending.

Ruckus reported non-GAAP EPS of $0.07, flat year-over-year, missing analyst estimates by a penny. On a GAAP basis, EPS was a loss of $0.01, worse than the break-even result from the first quarter of 2014. Operating expenses as a percentage of revenue rose to 69.2% during the quarter, up from 66.4% during the same period last year.

Along with the earnings miss, Ruckus' guidance for the second quarter disappointed analysts. The company guided for revenue between $86 million and $91 million, barely covering the consensus estimate of $90.7 million. Non-GAAP EPS is expected to be between $0.07 and $0.10, compared to a consensus estimate of $0.10.

While the issues facing Ruckus appear to be temporary in nature, the market is punishing the stock for failing to live up to expectations.