NEW YORK (TheStreet) -- Silver Spring Networks (SSNI - Get Report) stock is tanking Wednesday after management issued weak guidance for its second quarter and full year.
By late afternoon, shares had fallen 31.3% to $10.52.
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In its June-ending quarter, the company expects revenue of $60 million to $65 million and net losses of 22 cents to 26 cents a share. Analysts surveyed by Thomson Reuters had forecast net income of 22 cents a share.
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For the full year, Silver Spring anticipates revenue between $300 million and $330 million with net losses between 15 cents and 30 cents a share. Analysts had expected $317.3 million in sales and a net loss of 25 cents a share.
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