Shares of Electronics for Imaging Inc. (NASDAQ: EFII) dropped 13.2% Friday, after the digital-printing company announced disappointing first-quarter 2017 results.
Quarterly revenue fell 2% year over year, to $228.7 million and translated to adjusted net income of $25.8 million, or $0.55 per diluted share — the latter of which was bolstered by EFI’s decision to repurchase 300,000 shares for roughly $17 million during the quarter. Analysts, on average, were anticipating roughly the same per-share earnings on higher revenue of $239.2 million.