What happened Shares of NeoPhotonics (NYSE: NPTN) were tumbling this morning after the company reported its first-quarter results late yesterday. The tech stock was down by 15.4% as of 11:36 a.m. EDT. So what The company reported an adjusted diluted loss per share of $0.15, ahead of analysts' consensus estimate loss of $0.17 per share. NeoPhotonics' revenue of $60.9 million also outpaced Wall Street's expectation of $59.9 million for the quarter. Image source: Getty Images. "NeoPhotonics again delivered strong results in the first quarter, as we transition our business to cloud-centric," CEO Tim Jenks said in a press release. Despite the company's sales and earnings beating analysts' consensus estimates, investors weren't happy with NeoPhotonics' first-quarter results. Investors were likely disappointed with the fact that revenue was down 67% from the year-ago quarter and that management's second-quarter outlook wasn't very optimistic. Now what NeoPhotonics' management said second-quarter revenue will be between $59 million and $65 million. That would be a 40% drop in sales from the year-ago quarter at the midpoint of guidance. Additionally, the company expects an adjusted diluted loss per share of $0.25 at the midpoint, which would a significant drop from the company's earnings per share of $0.16 in the year-ago quarter. With the company's year-over-year drop in sales and its lackluster second-quarter outlook, it's no surprise some investors were selling their shares of NeoPhotonics today. 10 stocks we like better than NeoPhotonicsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and NeoPhotonics wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source