Extreme Networks 1Q Revenue Misses Street View

SANTA CLARA, Calif. (AP) — Network services provider Extreme Networks Inc. on Monday said it expects fiscal first-quarter revenue will come in well below Wall Street expectations.

The company said it expects revenue about $66 million for the three months ended Sept. 27. Analysts polled by Thomson Reuters, on average, forecast revenue of $80.4 million, with estimates ranging from $79 million to $82 million.

President and CEO Mark Canepa said the company's ability to deliver product, close transactions and recognize revenue was hampered because its supply chain was constrained during the quarter. "Our North America business was particularly soft, as some deals were lost and others were delayed beyond the end of the quarter," Canepa said.

The company expects to report that backlog and deferred revenue increased by approximately $6 million and total cash increased approximately $3 million for the quarter.

Extreme Networks plans to post full fiscal first-quarter results on Oct. 26. after market close.

Extreme Networks shares closed the regular session up 27 cents, or 10.4 percent, at $2.87. Shares have traded between $1.06 and $3.13 in the past 52 weeks.