Why Adtran Stock Withered on Wednesday

Adtran stock plummeted nearly 14% after the telecom equipment provider cut its Q2 revenue forecast to $280-282 million from $283-303 million, citing a project delay from an unnamed major client. The company also warned of higher component and freight costs impacting profitability. Q3 revenue guidance of $275-295 million also fell short of analyst expectations of over $301 million.