Aladdin Knowledge skids 24% in pre-market on lower FY08 guidance
Aladdin Knowledge Systems Ltd. (Nasdaq:ALDN) skidded 24% in pre-market trading Wednesday after the company announced it was revising its full-year earnings to reflect lower 2008 revenues. The Israel-based Internet security provider said it expects 2008 full-year revenues to be between $112 million and $120 million, below Wall Street expectations of $125.8 million. For the quarter ended June 30, Aladdin’s preliminary estimates place revenues between $26 million and $26.5 million, or about $0.01 per share. The company said second-quarter revenues fell short because of a weak global economy and the loss of several anticipated customers.
Ahead of the bell Wednesday, shares of Aladdin Knowledge Systems were at $10.10, down $3.16 from Tuesday’s close.
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