By early afternoon, shares had tumbled 14.6% to $2.61.
Over the three months to March, the company reported a net loss of 2 cents a share compared to breakeven earnings a year earlier. Analysts surveyed by Thomson Reuters had forecast profits of a penny a share.
Revenue of $24.42 million was 129.1% higher year over year and beat estimates of $23.81 million.Must Read: Warren Buffett's 25 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates WESTELL TECH INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: "We rate WESTELL TECH INC (WSTL) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."
- You can view the full analysis from the report here: WSTL Ratings Report