Powerwave Technologies Plummets on Poor Guidance
Shares of Powerwave Technologies (NASDAQ: PWAV) are seeing much pressure during Friday's trading session after the company announced first quarter guidance yesterday, which was worse than what analysts were expecting.
Powerwave announced that it anticipates that revenues for its fiscal first quarter ended April 1, 2012 will be in the range of $40 million to $45 million. This compares to analysts's first quarter estimates of $62 million.
Powerwave will release its financial results for the first quarter on May 3, 2012 after the market closes.
For the first quarter, Powerwave said they have continued to encounter weakness in several of its markets, as network operators continued to be conservative in their spending plans and several markets continued to delay capital spending plans.
Currently, shares of Powerwave Technologies are trading about 32% lower at $1.46 per share.
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