After markets closed last night, F5 Networks Inc. (NASDAQ: FFIV) cut its estimates for earnings per share and revenues, and the stock took a beating. Shares are down about 19% in early trading today, and F5’s warning is rippling through other networking stocks.
Juniper Networks Inc. (NYSE: JNPR) is down more than 6%, Cisco Systems Inc. (NASDAQ: CSCO) is down nearly 4%, Riverbed Technology Inc. (NASDAQ: RVBD) is down nearly 3.5%, Fortinet Inc. (NASDAQ: FTNT) is down nearly 3.5% and Ciena Corp. (NASDAQ: CIEN) is down about 3.1%. Even Alcatel-Lucent (NYSE: ALU), which jumped about 10% yesterday, is down nearly 2% this morning.
F5 blamed the cuts on slowing sales in North America and its Europe, Middle East and Africa region. The company also noted that sales to the U.S. government were down “significantly” compared with the year-ago quarter.
The bloodbath at F5 has the shares down more than 19% at $72.69, after posting a new 52-week low of $71.95. The 52-week high is $139.20.