Shares of Powerwave Technologies Inc. nose-dived 21.7% Tuesday, a day after the company said it would miss revenue estimates.
The Santa Ana-based company,a maker of amplifiers and other gear for wireless phone networks,late Monday slashed its first-quarter sales outlook.
Powerwave had expected quarterly sales of $240 million to $250 million. Now it sees $190 million and $200 million.
The company gave no earnings estimate.
Ron Buschur, chief executive, blamed “stronger seasonality than we expected” and “slower-than-expected demand from a major North American wireless network operator.”
Buschur said he expects demand to rise throughout the remainder of the year.
Powerwave has been one of Orange County’s hotter stocks, nearly doubling its value in the past year up until Monday.
The company, which has a market value of about $1.2 billion, saw extremely heavy trading volume Tuesday. Investors traded more than 20 million shares, more than eight times the volume the stock usually gets in one day.
