Radware (RDWR: sentiment, chart, options) slumped to a new annual low of $9 per share today after the company reported a wider-than-expected first-quarter loss of 32 cents per share. In total, the company lost $8.3 million for the quarter (42 cents per share on an unadjusted basis). Revenue rose to $22.2 million, but the modest year-over-year gain in sales was more than offset by a jump in operating expenses from $20 million to $27 million.

Ahead of the report, analysts were looking for a quarterly loss of just 5 cents per share on revenue of $23.7 million.

Israel-based RDWR blamed the spike in operating expenses on weakness in the dollar, along with an increase in sales and marketing costs. However, the firm said it expects to return to profitablility by the fourth quarter, with an annual growth rate in the mid-to-high teens.

At last check, the stock has rebounded slightly from its lows of the day, but is still trading at a 14% deficit. Today's plunge ended RDWR's brief reign atop its recently resistant 10-day and 20-day moving averages. It appears the weak first-quarter results caught option traders off-guard ahead of the report, RDWR's Schaeffer's put/call open interest ratio dropped to 0.06, just 2 percentage points away from an annual bullish peak.