DJ Redback Networks/Outlook -2: Street Sees 2Q Loss 11c/Shr
27 Jun 16:18
SAN JOSE, Calif. (Dow Jones)--Redback Networks Inc. (RBAK) reduced its second
quarter earnings and revenue guidance due to a continuing weak global
telecommunications market.
Excluding acquisition-related charges, stock compensation charges,
restructuring charges, inventory and asset-impairment charges, the company
expects a loss of about 27 cents to 32 cents a share on revenue of about $55
million to $60 million.
A Thomson Financial/First Call consensus survey of 21 analysts puts Redback's
second quarter loss, excluding items, of 11 cents a share, on revenue of about
$88.16 million.
"We are in the midst of an unprecedented downturn in the telecommunications
marketplace," Dennis P. Wolf, chief financial officer of Redback said in a
statement. "Delayed network deployments by the largest carriers and service
providers reduce overall order visibility."
Shares of the company, halted for news, last traded at $11.31.
(MORE) DOW JONES NEWS 06-27-01
04:18 PM |
