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Extreme Networks

(EXTR) - Get Extreme Networks, Inc. Report

reported a narrower third-quarter loss, but still missed analysts' estimates on a steep drop in revenue.

For the quarter ended March 30, the Santa Clara, Calif.-based company lost $7.6 million, or 7 cents a share, including deferred compensation. This compares with a loss of $139.8 million, or $1.23 a share, in the year-ago quarter. Analysts were expecting the company to lose 2 cents a share.

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Revenue was down to $85.2 million, compared with $111.1 million in the prior-year quarter.

The company also announced that it's ahead of schedule on a new product. "We are already shipping our third-generation chipset technology, called Triumph, we are three months ahead of schedule," said Gordon Stitt, chief executive of the company.

Shares of Extreme Networks closed at $4.46 Friday.