Why Aspen Technology Stock Crashed Today
Shares of Aspen Technology (NASDAQ: AZPN) plunged as much as 30% on Thursday morning, as investors digested a disappointing third-quarter earnings report. Aspen's adjusted earnings fell 23% year over year to $1.06 per diluted share. As it turns out, AspenTech hoped that the order volume from clients in bulk chemical production would bounce back after two consecutive weak quarters.