Shares of fiber optics company Clearfield, Inc. (NASDAQ: CLFD) fell as much as 15.2% in trading on Friday after reporting fiscal first-quarter 2023 financial results. Revenue was up 68% from a year ago to $85.9 million, and net income rose 37% to $14.3 million, or $1.00 per share. What got investor attention was backlog falling 17% from just a quarter ago to $136 million, which management said was in large part due to a return to normal ordering patterns.