Radware Slashes Q1 Guidance, Shares Hammered (RDWR)
Shares of Radware Ltd. (NASDAQ: RDWR) tumbled 22.65% on Friday after the Israel based technology Company slashed its fiscal first quarter earnings and revenue guidance due to weaker sales trend in China, and EMEA region.
Radware LTD said that it now anticipates non-GAAP earnings of 30 cents a share compared to its earlier guidance of 40 to 43 cents share. Revenue is now expected at $45 million down from original forecast of $48.5 million to $49.5 million.
Analysts’ consensus estimate was for earnings of 43 cents a share on revenue of $49.2 million, according to a data compiled by FactSet Research.
“While we realized strong sales in the U.S. market during the first quarter of 2013, the company experienced weaker than expected results in EMEA and China,” said Roy Zisapel, president and chief executive officer in a statement to analysts.
The Company is scheduled to hold conference call with analysts on April 25th while it will release its fiscal first quarter results on April 29th.
Meanwhile, equity research firm Maxim Group lowered its price target on the stock to $35 from $42 on Friday. The firm has a “buy” rating on the stock.
In the preceding quarter, the Company reported earnings of 48 cents a share which was in-line with Street’s consensus estimate. Revenue during that period stood at $49.80 million, missing Street’s forecast of $50.14 million.
In the same quarter of last fiscal year, Radware posted earnings of 42 cents a share while it revenue climbed 10.4% on Y-o-Y basis in the same period.
For the current fiscal year, analysts are expecting earnings of $1.98 a share.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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