Shares of Skullcandy (SKUL), which sells headphones and other audio accessories, are sharply lower after it reported better than expected revenues for the fourth quarter, but then gave a significantly worse than expected view of its current quarter on the corresponding conference call. In a press release following the market close yesterday, the company reported fourth quarter adjusted earnings of 47 cents per share, just missing the consensus forecast, on revenue of $101M, which beat consensus. However, on the earnings conference call that followed, the company said it may lose 25-30 cents per share for the current quarter and that it expects first quarter sales to fall 30% from same period last year. Analysts had forecast that the company would earn 5c per share during the first quarter on sales of $59.76M, compared to sales of $53.28M in the first quarter of last year. The company noted its first quarter is "always our lowest revenue quarter of the year" and that its expected weakness was also partially attributable to the loss during the year of a major customer, HMV. The company's stock, which was rising in after-market trading after the quarterly results press release, sharply reversed course last night and that downward move carried through when the market opened today. Skullcandy's stock, which was downgraded at Wall Street firms including Piper Jaffray, Raymond James, Northland Securities, DA Davidson and Bank of America Merrill Lynch, plunged about 20% to $5.36 in early trading.