Gilat Satellite Networks (GILT) shares plummeted 6.28% in pre-market trading on Wednesday, following the release of the company's first-quarter earnings results.
The satellite communications company reported quarterly earnings that significantly exceeded analyst expectations, with adjusted EPS of $0.18 beating the consensus estimate of $0.04 by 350%. However, revenue of $110.474 million fell short of the $114.559 million estimate, representing a 3.57% miss.
Investors reacted negatively to the revenue shortfall despite the strong earnings performance, driving the stock lower in pre-market activity. The company's revenue showed a 20.03% year-over-year increase, but the failure to meet top-line expectations appears to have overshadowed the positive earnings surprise.
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