Symmetricom lowers fiscal 2Q forecast
Symmetricom shares plunge after-hours following weak fiscal 2Q outlook
SAN JOSE, Calif. (AP) -- Symmetricom Inc. said Tuesday that declines in U.S. government and communication service provider spending will take a toll on its fiscal second quarter, which ends Dec. 30..
The precise timekeeping technology company expects to post a loss of a penny to 5 cents per share on an adjusted basis for the period that ends Dec. 30. It also forecast revenue of $46 million to $49 million. That's down from prior guidance of $55 million to $62 million.
Company President and CEO Dave Cote said Symmetricom will continue to focus on key growth products like its atomic clocks and controlling costs.
The company expects to report full second-quarter results during the week of Jan. 21.
Shares of the San Jose, Calif.-based company fell 60 cents, or 10 percent, to $5.40 in after-hours trading.
