Tut Systems Tumbles 19.1% on Massive Earnings Miss

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Broadband provider

Tut Systems

(TUTS)

was down 19.1% in early trading.

Late Wednesday, the company

posted a fourth-quarter loss of $4.12 per share, badly missing the Street's lowered estimate of 49 cents and far worse than the year-ago loss of 13 cents.

The company cut 10% of its workforce and added $22.1 million to its allowance for doubtful accounts for the quarter.