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What's happening?
Shares of Ubiquiti Networks (NASDAQ:UBNT) have lost about 16% of their value today after the company following the closing bell Thursday reported disappointing earnings for the first quarter of its 2015 fiscal year and offered underwhelming guidance for the second quarter.

Why it's happening
Ubiquiti's quarterly revenue of $150.1 million was 16% higher than the year-ago quarter's result, but Wall Street analysts had expected $158.9 million on the top line. Earnings of $0.48 per share were 4% higher year over year, but also missed analysts' EPS target of $0.53.

Looking ahead, the maker of wireless networking products expects second-quarter revenue in a range from $147 million to $153 million, with adjusted EPS of $0.46 to $0.49. Both ranges compare rather unfavorably to the analyst consensus targets of $164.3 million in revenue and $0.54 in EPS. Following the report, Credit Suisse cut its price target on Ubiquiti from $40 per share to just $26, and Pacific Crest Securities also noted that "a lack of visibility into future growth prospects" is keeping the firm from recommending Ubiquiti shares to clients. Both firms' analysts still rate Ubiquiti's shares as a hold.