Network Equipment Tech Warns; Stock Crumbles

June 6, 2008 at 10:12 am PT

Network Equipment Technologies (NWK) last night warned that results for its fiscal first quarter ending June will be below Street expectations. The company sees revenue for the quarter of $16 million to $20 million; the Street had been looking for $26.2 million.

The company blamed “a shortfall in revenue from government programs.” CEO Nicholas Keating said in a statement that “it has become apparent that at least in the near term we won’t receive the volume of orders we had previously expected.”

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Tagged with: Barrons, Eric Savitz, frontpage, Network Equipment Technologies, Tech Trader Daily

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