Network Equipment Tech Warns; Stock Crumbles

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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