Network equipment provider
swooned Wednesday morning after previewing a big fourth-quarter sales shortfall and a wider-than-expected loss.
The Wi-Fi gear specialist expects to lose 29 cents to 34 cents a share on a pro forma operating basis in the period on revenue of $22 million to $24 million. Proxim cited corporate consolidation among wireless carriers, price cuts from
and some product transition issues.
The company had previously targeted a pro forma loss of 9 cents to 14 cents a share on revenue of $32 million to $35 million in the quarter. Two analysts surveyed by Thomson First Call had been forecasting a loss of 13 cents on revenue of $33.7 million.
The stock was down 98 cents, or 20%, to $3.96 Wednesday morning.