Network Equipment Technologies swoons in pre-market trading on Q1 revenue expectations below the Street
Shares of Network Equipment Technologies, Inc. (NYSE:NWK) are getting trounced in pre-market trading after the telecommunications equipment maker said late Thursday night that it expects revenue for the first quarter of fiscal 2009 to fall below Wall Street expectations due to a shortfall in revenue from government programs. The company currently expects revenue for the quarter to be in the range of approximately $16 to $20 million.
“We continue to see many government programs in which we can participate. However, it has become apparent that at least in the near term we won't receive the volume of orders we had previously expected,” Nicholas Keating, the firm's President and CEO said in a press release.
Shares sunk 27%, or $1.35, to $3.65 in pre-market trading. For detailed price information and recent news stories about Network Equipment Technologies, click NWK.
