Shares of American Superconductor (NASDAQ:AMSC) experienced a sharp 24-hour plunge of 19.22% on Wednesday, following the release of its second-quarter financial results. The significant drop came despite the company beating earnings estimates, as investors focused on a notable revenue miss.

American Superconductor reported adjusted earnings per share of $0.20, surpassing the analyst consensus estimate of $0.15 by 31.58%. However, this represents a 25.93% decrease compared to earnings of $0.27 per share in the same period last year. The company's quarterly sales of $65.862 million fell short of the analyst consensus estimate of $67.850 million by 2.93%, despite showing a 20.91% year-over-year growth from $54.471 million.

The market's negative reaction to the earnings report was evident in after-hours trading, where AMSC shares plummeted by 20.04%. While the company managed to post a net income of $4.75 million for the quarter, the revenue miss appears to have overshadowed the positive earnings surprise. Investors seem particularly concerned about the company's ability to meet future revenue targets, despite the overall growth in sales. The sharp sell-off suggests that Wall Street was heavily focused on top-line growth expectations for American Superconductor.