Sunday, July 29, 2012

APKT Plunges 18%: Cuts Q4 View on Telco Issues

Shares of networking equipment vendor Acme Packet (APKT) were halted just before the company announced its Q4 results will fall short of prior expectations as a result of “uncertainty” among its telco customers in North America.

Acme now sees 2011 revenue in a range of $308 million to $310 million, down from the prior range of $315 million to $320 million. Analysts have been modeling $318 million. That includes revenue of $84 million to $86 million in Q4, and 26 cents to 28 cents a share in profit, on a non-GAAP basis, versus analysts’ estimate of $93 million and 37 cents.

CEO Andy Ory said the company “continues to perform well” outside of North America.

Acme shares are set to resume trading at 4:50 pm, Eastern time.

Update: Acme shares have resumed trading and are now down $5.86, or over 18%, at $26.00.That’s a new 52-week low for the stock.

No comments:

Post a Comment