Ruckus Wireless falls as 1Q results miss estimates
Ruckus Wireless drops as 1Q results miss Street, 2Q revenue outlook falls short of estimates
SUNNYVALE, Calif. (AP) -- Shares of Ruckus Wireless tumbled in Tuesday morning trading after the company's first-quarter results missed Wall Street's expectations and it offered a second-quarter revenue forecast below analysts' estimates.
Ruckus, which went public in November, makes equipment for and builds big Wi-Fi networks. Its biggest customers are phone companies that want Wi-Fi hotspots to offload traffic from their cellular networks.
For the period ended March 31, Ruckus Wireless Inc. earned $314,000, or break-even per share. A year ago the Sunnyvale, Calif., company earned $1 million, or 3 cents per share.
Excluding one-time items, earnings were 3 cents per share.
Revenue increased by 27 percent to $57.2 million, driven by strong results from the Americas, Europe, the Middle East and Asia.
Analysts surveyed by FactSet expected earnings of 4 cents per share on revenue of $63.2 million.
Ruckus expects second-quarter adjusted earnings of 3 or 4 cents per share on revenue of $61 million to $64 million. Analysts estimate 4 cents per share on revenue of $67.1 million.
Ruckus shares dropped $4.52, or 23.8 percent, to $14.48 in morning trading. The stock has traded between $12.25 and $26.50 since going public.
