UPDATE: Adtran Posts Upbeat Q2 Net Profit
Adtran (NASDAQ: ADTN) reported a 53% drop in its second-quarter earnings.
Adtran's quarterly profit fell to $9.9 million, or $0.17 per share, from $21.1 million, or $0.33 per share, in the year-ago period. Excluding one-time items, its earnings fell to $0.21 per share from $0.38 per share.
Its sales declined 12% to $162.2 million. However, analysts were projecting earnings of $0.16 per share on revenue of $154 million.
Adtran's gross margin shrank to 49.2% from 51.7%.
Adtran shares closed at $25.21 yesterday.
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