Why Applied Optoelectronics Stock Tanked Today
Shares of Applied Optoelectronics (NASDAQ: AAOI) tanked today, down by 13% as of 11:30 a.m. EST, after the company reported fourth-quarter earnings. Revenue in the fourth quarter was $52.3 million, right on target with the consensus estimate. "Despite the challenges presented by the pandemic and a slow end to the year, we are encouraged by the double-digit revenue growth we delivered in 2020, which was driven by growth in each of our three major business segments," CEO Dr. Thompson Lin said in a statement.
