Sonus slips 10% due to projected drop in Q3, '08 revenue
Shares of Sonus Networks (Nasdaq:SONS) dropped nearly 10% and hit a new 52-week low this morning after the company announced it expects a significant decrease in revenue for its third quarter and the full year 2008.
The Westford, Mass.-based infrastructure equipment and software provider said in a statement issued at 8:30 am ET that it experienced weakness toward the end of the third quarter, “due to several factors including the challenging environment.”
By late morning, Sonus is at $2.19, down $0.24 from Monday’s close, after falling as low as $1.76 earlier in the day. The stock had previously traded as low as $1.99 and as high as $7.59 during the past year.
More than 5 million shares had changed hands compared with an average three-month volume of 3.6 million.
For detailed price information and news stories on Sonus Networks, click SONS.
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