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What: Shares of Brightpoint (NAS: CELL) are having a rather dark day today, down by as much as 13% after the wireless company reported first-quarter earnings.
So what: Revenue was $1.37 billion, which was a 23% jump compared to last year, while non-GAAP earnings per share added up to $0.16. Despite the fact that revenue exceeded expectations, the bottom line came in $0.05 short of the $0.21 per-share profit that the market was looking for.
Now what: Unfortunately, Brightpoint had to lower full-year guidance due to a challenging environment. It had previously predicted a full-year non-GAAP profit of $1.07 to $1.13 per share, but is now toning that down to a new range of $0.98 to $1.04 per share. CEO Robert Laikin said Brightpoint's customers and vendor partners saw competitive and economic pressures, which hurt the quarter's results.
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