Redback Networks Tumbles on Warning
Redback Networks (RBAK) was down 19.8% in preopen Island trading after warning late Wednesday it will post a second-quarter loss of between 27 and 32 cents a share on revenue of $55 million to $60 million, wider than Street estimates of 11 cents on revenue of $88 million.
The network equipment maker also said it would take an unspecified charge related to excess and obsolete inventory.
The company blamed the lowered forecast on an "unprecedented downturn" in the market for telecommunications equipment.
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