3Com raises Q1 revenue guidance to beat Wall Street expectations
3Com Corporation (Nasdaq:COMS) said ahead of today’s opening it is raising its guidance for the first quarter of fiscal 2009. For the period ending Aug. 29, the Marlborough, Mass.-based company expects revenues between $335 million and $340 million, up from previous forecasts of $325 million and $330 million. Analysts are expecting revenues of $327.7 million. In a statement, 3Com said its raised guidance is due to better-than-expected performance from the company’s China operations. The networking solutions provider said it should post its fiscal first quarter earnings during the third week of September.
Shares have gained 11% today. At 11:27 a.m. ET, the stock is at $2.08, up $0.22 from Monday’s close. Trading volume is at more than 5 million shares, about 1 million shares above the average.
For detailed price information and recent news stories about 3Com Corporation, click COMS.
