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Arris Group lowers Q2 revenue estimates; shares tumble 22%

Dianna Heitz
July 9, 2008
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Arris Group Inc. (Nasdaq:ARRS) is sinking more than 22% today after the company announced ahead of the opening it cut its second-quarter revenue forecast. For the quarter ended June 30, the company now expects revenues between $278 million and $280 million, compared with previous estimates for $288 million to $303 million. Wall Street was expecting revenues of about $294.8 million The Suwanee, Ga.-based telecommunications company said that weaker sales of cable modems brought down the quarterly revenues.

Shares of Arris Group are at $6.81, down $2.09 from Tuesday’s close. Trading volume is below average at less than a quarter of the company’s usual number of shares.

For detailed price information and recent news stories on Arris Group Inc., click ARRS.

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