NetScout Systems trims forecast on macro headwinds, shares tank

NetScout Systems

16/10/2023 21:53

** Shares of NetScout Systems  NTCT.O  down nearly 20% after
the bell
    ** Enterprise software firm lowers fiscal 2024 revenue and
profit forecast in response to a recent slowdown in orders
    ** "We believe this is related to industry and economic
headwinds facing our customers that began to affect our revenue
in the last month of the second fiscal quarter and is expected
to impact the second half of fiscal year 2024" - CEO Anil
Singhal
    ** Lowers full-year revenue range to $840 million to $860
million from its earlier forecast of $915 million to $945
million
    ** Sees adjusted profit per share of $2.00 to $2.20, down
from earlier guide of $2.20 to $2.32
    ** NTCT down 15.1% YTD

 (Reporting by Yuvraj Malik)
 ((yuvraj.malik@thomsonreuters.com))