Significant drop after a good beat. They are cutting a lot of expenses for next quarter so will still make good earnings. Not sure if that matters at this stage. This stock basically trades how wall street wants. They have been short since November and December and it does not look like they are covering yet.
the beat isn't what matters as estimates were already decreased. the problem is they're trading around 11 times FORWARD earnings when they expect earnings to be flat. that doesn't support the current valuation. those are the facts. btw, i am not long or short, only traded the earnings. GL with your position.