By Denny Jacob
CommScope Holding shares fell 27% after reporting a surprise loss in its latest quarter.
Shares were trading around $5.06. The stock is up 77% on the year so far.
The provider of infrastructure solutions for communications networks posted a loss from continuing operations of $96.7 million, narrowing from a loss of $533.8 million a year earlier. However, analysts polled by FactSet had expected net income of $22.9 million.
Sales of $1.08 billion grew from $1.05 billion a year earlier, but also missed expectations. Analysts polled by FactSet were expecting $1.42 billion.
"Visibility continues to remain limited as upgrade timing and magnitude of network upgrades remain uncertain," said Chief Executive Chuck Treadway.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 07, 2024 10:54 ET (15:54 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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