Sycamore Networks (SCMR) was down 12.2% in preopen Island trading. After the close Thursday it warned that its fiscal first-quarter loss would be 16 to 18 cents per share. Analysts were expecting a loss of 16 cents, according to Thomson Financial/First Call.
Sycamore said it now expects revenue of $20 million to $25 million for the quarter, which ends Oct. 27. The range is below the current consensus of $32.6 million, as compiled by First Call.
In addition, Sycamore set 240 layoffs, disclosed a $200 million charge and said it sees no evidence of a turnaround in capital spending.
Telecommunications equipment stocks were broadly lower preopen. Networking giant
was down 1.9%.
was down 2%.
was off 1.7%.