Viavi Solutions set to open at two-year lows post sales miss
04/11/2022 12:18
** Network equipment manufacturer Viavi Solutions Inc's
shares VIAV.O slumps 16% premarket to $12 - set to open at
more-than-two-year lows
** Co meets Q1 earnings estimates of 23 cents/shr but misses
revenue estimates, as per Refinitiv IBES Data
** Co blames poor demand for field instruments by service
providers
** Brokerage Susquehanna cuts PT to $16 from $18, citing a
9% Y/Y decline in field instrument sales as carriers look to cut
down on operating expenses
** Brokerage further states that it expects co's FY23
revenue to be down
** Four of nine brokerages rate the stock "buy" or higher,
five "hold"; their median PT is $16 - Refinitiv
** Up to Thursday's close, stock had fallen 19% compared
with a 0.34% decline in the S&P 600 communications equipment
industry index .SPSMCCOEQ
(Reporting by Johann M Cherian in Bengaluru)
((johann.mcherian@thomsonreuters.com;))