DragonWave cuts third-quarter revenue outlook on shipment delays
(Reuters) - Canadian telecom network equipment maker DragonWave Inc cut its third-quarter revenue forecast as shipment of orders were delayed, sending its Nasdaq-listed shares down 14 percent before the bell.
The company now expects revenue of about $39 million for the quarter ended November 30, down from its prior forecast range of $43 million to $50 million.
DragonWave, which supplies packet microwave radio systems for mobile and access networks, said orders expected to ship in November were rescheduled to December. Orders to support shipments to European customers were lower than expected in the quarter.
Shares of the company closed at $2.21 on Wednesday on the Nasdaq. They closed at C$2.21 on the Toronto Stock Exchange.
(Reporting by Ankur Banerjee in Bangalore; Editing by Roshni Menon)
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