SafeNet Down on Warning

By TSC Staff ,

Internet security company SafeNet (SFNT) was down 15.2% in late morning after the company warned late Monday it expected a loss of 9 to 13 cents a share for the second quarter. The company had previously forecast earnings of 4 cents.

Revenue will likely be 30% to 40% below the previous estimate of $6 million, the company said.

SafeNet blamed "reduced expectations" from original equipment manufacturers in the networking industry. The company expects to post results on July 12.

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