Symbol Slashes Guidance Again

The company says its financial chief will leave as well.
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Symbol Technologies

(SBL)

plunged 15% late Thursday after the company slashed guidance for the second time in a month and bid adieu to its chief financial officer.

The Holtsville, N.Y., maker of bar code and wireless gear forecast second-quarter revenue of $425 million to $430 million. That's below the $440 million the company guided to June 28, when it last

reduced its expectations for the quarter.

Only two weeks ago, Symbol cut its earnings forecast in half and set plans to fire 13% of its staff. At the time, Wall Street was expecting sales of $465 million.

On Thursday, Symbol also named Sal Iannuzzi financial chief, replacing Mark Greenquist, who "has chosen to pursue other career interests," Symbol said.

"Symbol has made major strides in improving our financial controls, but much work remains in areas such as forecasting," Iannuzzi said in a Thursday afternoon press release. "I plan on intensely focusing my efforts on developing and implementing more effective forecasting processes."

Symbol hired Long Island native Bill Nuti from

Cisco

(CSCO) - Get Report

in 2002 to help lead the company in a turnaround. But the company struggled to clear its accounting record, a legacy left by the previous management.

Last year, Symbol started to gain distance from its scandal era when the company settled a shareholder lawsuit for $98 million and settled a fraud investigation by the

Securities and Exchange Commission

for $37 million.

Symbol dropped $1.86 in postclose trading to $10.60.