Sonus Networks Cuts Outlook As Sales Growth Dwindles
Sonus Networks (SONS) shares plunged more than 30% Tuesday after the struggling network equipment maker lowered its guidance and said it’s looking for ways to cut costs amid shrinking revenue. For the quarter ending March 27, the Westford, Mass.-based company now expects a non-GAAP per-share loss of 29-34 cents, worse than its prior outlook for a 3-cent per-share profit, and missing analysts’ consensus for EPS of 3 cents. Sonus guided Q1 revenue