Extreme Networks tumbles as supply-chain concerns cloud near-term outlook

Extreme Networks

27/04/2022 17:26

** Shares of cloud networking co  EXTR.O  fall 14.5% to
$9.67, hitting their lowest in six months
    ** EXTR is among top pct losers on Nasdaq composite index
 .IXIC , set to close lower for second consecutive session, if
losses continue
    ** EXTR forecasts Q4 revenue between $265 mln and $275 mln,
vs Q3 revenue of $285.5 mln  urn:newsml:reuters.com:*:nBwVPV0Ka
    ** Co had reported revenue of $278.1 mln in Q4 of last year
    ** Near-term supply-chain constraints have worsened and will
persist through FY23, but expected to alleviate through end of
the year - CEO
    ** Co's Q3 net income rose to $12.8 mln from $3.5 mln the
previous year, helped by lower expenses
    ** Stock down 38% YTD, including session's moves

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))