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Extreme Networks, Inc (NASDAQ: EXTR) shares nose-dived Wednesday when the company warned that third-quarter results would miss expectations.
Shares traded recently at $2.80, down more than 25 percent.
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The San Jose, California-based maker of network routers and switches blamed the shortfall on political turmoil in its Eastern Europe markets, as well as delays in completing deals in North America.
Extreme expects to post an adjusted operating loss between $0.21 and $0.19 per share, versus Wall Street's expectation for profits of $0.07 per share.
The company also sees third-quarter revenue between $149 million and $154 million, compared with analyst's forecast of $152.26 million, with full results expected October 28.
Chief Executive Charles W. Berger said the company "faced a number of headwinds" in the recent period but its integration of Enterasys is on track.
Extreme's travails follow earlier outlook cuts from Juniper Networks, Inc. and Procera Networks Inc. Analysts have said the market for routers is getting hurt by virtualization technology.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.