Allot Shares Sink on Forecast
This afternoon, Allot announced revenues will be around $7 million for its third quarter, which ended in September. (See Allot Edits Outlook.)
Revenues for the full year will be between $32 million and $35 million, the company said.
Analysts were expecting third-quarter revenues of $9.5 million and full-year revenues of $38.4 million, according to Thomson Financial .
Allot is blaming an age-old culprit: the newly announced platform. Customers are waiting on the 10-Gbit/s service gateway that was announced in June, Allot officials said in a press release. (See Allot Announces DPI Platform.)
So continues a disappointing year for Allot, which has been sliding since its IPO in November. (See Allot Leaps on Nasdaq Debut.)
In April, Allot had to announce its first-quarter earnings would fall short of estimates. Allot disappointed again in the second quarter, reporting second-quarter losses of 1 cent per share when analysts expected a 1-cent profit, according to Thomson. (See Allot Alters Estimate and Allot Reports 2Q.)
Allot shares were down $0.94 (14%) to $5.80 in early after-hours trading on Tuesday.
— Craig Matsumoto, Senior Editor, Light Reading