Why does an earning miss drags down stock to deep hole?

I am learning the market and one factor that seem to baffle me is, "Earnings Miss". When it is exceeded, the stock soars but not to a double digit percentage for most. But on the opposite, when earnings gets missed, even by a cent, the stock drops crazy. Why would that be?

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Example: IGP Photonics, missed estimate by 1ç and stock fell ~20%.

Source: https://www.zacks.com/stock/news/314542/ipg-photonics-ipgp-q2-earnings-amp-revenues-lag-estimates?cid=CS-GURUFOCUS-HL-314542

Submitted September 24, 2018 at 09:38AM by maheshexp https://ift.tt/2I9czol