posted a fourth-quarter loss, citing weak demand for telecommunications networking equipment. The company said it had an operating loss of $29.76 million, or 20 cents a share, for the quarter, compared with profits of $7.84 million, or 5 cents a share, in the year-ago period.
Wall Street analysts were expecting a pro forma loss of 21 cents a share, according to Thomson Financial/First Call.
Revenue for the quarter was down to $40.2 million from $114.5 million in the year ago quarter, but up from $37 million last quarter. Company executives said this quarter-to-quarter gain was a sign business was stabilizing and should improve in the coming year.
Shares of Redback Networks recently were trading down 8.7% to $5.35 in Instinet premarket action after closing at $5.86 Wednesday on the