Somera Says Revenue Won’t Meet Forecasts
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Somera Communications Inc., a Santa Barbara-based seller of telephone gear, said sales in its second fiscal quarter will be well below analyst estimates because of a slump in demand.
The news sent Somera shares down 19% to $5.40 in extended trading. The shares had closed off 64 cents at $6.65 on Nasdaq.
Somera said sales will come in at $48 million to $49 million for the quarter, down as much as 20% from the year-earlier revenue of $61.3 million. Analysts on average were expecting $61.3 million, according to Thomson First Call.
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