By Davit Kirakosyan

Comtech Telecommunications Corp (NASDAQ:) shares plunged around 15% after-hours following the company’s reported Q3 results. While EPS of $0.06 came in line with the consensus estimate, and revenue of $122.1 million was just slightly below the consensus estimate of $122.44 million, the company’s Q4 guidance missed the expectations.

The company revised its guidance for Q4 due to market conditions and short-term uncertainty. It expects revenue of $123 Million, which is below the consensus estimate at $157.06 millions.

The long-term prospects of our company are great, but the economic climate in the immediate future is likely to prove challenging. Elon Musk isn’t the only person with a ‘super bad feeling’ about the economy,” CEO Mike Porcelain commented. “Additionally, Jamie Dimon’s warning that a ‘hurricane is right out there down the road coming our way’ may prove to be true. As a fiscal year —- approaches, the economic background is uncertain. I feel this too and am revising our Q4 & fiscal 2022 goals.

Shares in CMTL fell 48% from the previous year, according to the results.