What happened Shares of ADTRAN (NASDAQ: ADTN) have plunged today, down by 14% as of 2:45 p.m. EDT, after the company reported third-quarter earnings yesterday. Both top- and bottom-line results declined meaningfully from a year ago. So what Revenue in the third quarter was $140.3 million, down from $185.1 million a year ago. Non-GAAP earnings per share came in at $0.21, also down from $0.37 per share in adjusted profit in the year-ago period. On a GAAP basis, the telecommunications networking equipment company posted net income of $7.6 million, or $0.16 per share. Image source: Getty Images. On the bright side, CEO Tom Stanton noted that gross margin improved on a sequential basis, rising from 39% in the second quarter to 42%. However, gross margin a year ago was 53%. Now what "Notwithstanding the G.fast shipment impact, our third quarter results showed strong improvements in gross margins and operating expenses. On a regional basis, sales contributions followed typical seasonal patterns with growth in the Americas, expected seasonal declines in Europe and growth in Asia-Pacific, driven by new customer activity," Stanton said in a statement. "Looking forward, we are very encouraged by the continued momentum in ultra-broadband shipments to both carriers and MSOs globally as service providers continue to evolve their networks to meet changing customer expectations." ADTRAN also declared a quarterly dividend of $0.09 per share to be paid to shareholders of record as of Oct. 31, 2018. 10 stocks we like better than ADTRANWhen 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 quadrupled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and ADTRAN wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of August 6, 2018Evan Niu, CFA 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.