said its loss narrowed sharply in the third quarter on greatly reduced revenue as network-equipment spending continued to shrink.
The company lost $22.8 million, or 9 cents per share, in the quarter ended April 27, compared with a loss of $225.1 million, or 94 cents per share, a year earlier. Excluding items, the pro forma loss was $26.3 million, or 10 cents a share, compared with a loss of $46.2 million, or 19 cents per share, last year. The average analyst estimate for the latest quarter was for a loss of 11 cents a share. Revenue fell 75% to $13.6 million from $54.2 million.
The company declined to provide fourth-quarter revenue guidance, saying it lacked the ability to predict demand, but said it hoped to end the fiscal year with $1 billion in cash and its equivalents.
The third-quarter revenue amount reflected a delayed deployment of equipment by an international customer, the company noted.