Extreme Networks Cuts Q3 Outlook

(RTTNews) - Extreme Networks, Inc. (EXTR) said Thursday that it now expects to report revenue of $117 million to $119 million, adjusted revenue of $118 million to $120 million, loss of $0.24 to $0.23 per share and adjusted loss of $0.09 to $0.07 per share for its third quarter ended March 31, 2015.

Previously, the company expected revenue of $129 million to $139 million, adjusted revenue of $130 million to $140 million, loss of $0.20 to $0.14 per share and adjusted results between a loss of $0.03 per share and a profit of $0.02 per share for the third quarter.

Analysts polled by Thomson Reuters currently expect the company to report breakeven per share on revenue of $135.28 million for the third quarter. Analysts' estimates typically exclude special items.

"Extreme experienced a number of challenges this quarter affecting revenue," stated Chuck Berger, president and CEO of Extreme Networks. "In the U.S. and Canada, we experienced deferred spending at several key accounts in the higher education market as well as several stadium and venue deals pushing out of the March quarter. Currency impacts in Europe and Latin America resulted in customers delaying or cancelling purchases."

Extreme Networks will release final fiscal third quarter results on May 6.

Effective April 6, Jeff White, who served as Extreme Networks' Chief Revenue Officer, is no longer with the company. The company said it is currently in the process of identifying a successor.