AudioCodes Dives on Lowered Outlook (AUDC)
Network gear maker AudioCodes Ltd. (NASDAQ: AUDC) lowered its first-quarter and full-year revenue and profit outlook this morning. From the press release:
[AudioCodes] is now projecting revenues for the first quarter of 2012 to be in the range of $32 million to $35 million and for the full year 2012 are expected to be in the range of $140 million to $150 million. As a result, the Company also expects the net income per share for 2012 to be lower than previously forecasted. The revised estimates for the first quarter and full year 2012 reflect weakness in sales in North America including among others decline in OEM business and lower than anticipated government sales.
The consensus estimate for first quarter revenue had been $38 million and full-year revenue had been estimated at $167 million.
Shares are down nearly -16% at $2.97 in a 52-week range of $2.28-$6.39.