A10 Networks slides as preliminary third-quarter revenue disappoints

A10 Networks

04/10/2023 17:12

** Shares of networking solutions provider A10 Networks
 ATEN.N  down 28% at $10.80
    ** Co reports preliminary 3Q revenue below estimates
    ** Co expects 3Q revenue between $56.5 mln and $58.5 mln vs
analysts' average estimate of $66.1 mln- LSEG
    ** "In our third quarter, we experienced delays related to
North American service provider customers pushing out capital
expenditures. Deals we expected to close at the end of the
quarter were delayed into future periods"- CEO Dhrupad Trivedi
    ** Co forecasts fourth-quarter revenue between $70 mln and
$80 mln vs estimates of $78.3 mln 
    ** Stock's average rating is "buy" with analysts' median PT
of $16
    ** Up to last close, stock had fallen ~35% YTD

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))