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On Thursday, February 17, 2022, shares of Texas-based Ribbon Communications dropped after its 2021 Q4 report revealed the company was writing off $116 million in goodwill after revising projections for its IP Optical business segment. In addition, Ribbon Communications also announced it would be taking a $20 million charge for a restructuring plan that would include $6 million in workforce reduction costs, as reported by the Dallas Business Journal.
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Why is RBBN Stock Dropping?
According to the Motley Fool, Ribbon Communications had announced preliminary Q4 results one month ago in January, and the actual results posted on February 16 were a close match except for the $116 million goodwill charge. The Motley Fool notes that this charge is significant relative to the company’s market cap of $541 million.
The Motley Fool goes on to explain that due to the goodwill charge, Ribbon Communications recorded a $96 million quarterly net loss compared to a $124 million net income for the same quarter of last year.
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