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Monday, March 18, 2024

Acme Packet Falls 17% After Cutting Guidance

Courtesy of Benzinga.

Acme Packet (NASDAQ: APKT), which was the S&P 500’s best performing stock in 2010, has fallen on hard times. The company cut its fiscal Q4 and FY2011 EPS and revenue guidance after the close of trading on Tuesday. For the fourth quarter, APKT now sees non-GAAP earnings per share between $0.26 and $0.28. Revenues are expected to be between $84 million and $86 million.

Prior to today’s update, Wall Street analysts were estimating that APKT would report EPS of $0.37 on revenues of $93.42 for the fourth quarter. For the full year, APKT now sees non-GAAP EPS between $1.03 and $1.05 versus its previous guidance of $1.14 to $1.18. Revenues for 2011 are now expected to be between $308 million and $310 million which compares to previous guidance of $315 million to $320 million.

Currently, the Street has consensus FY2011 EPS estimates for APKT of $1.14 on revenues of $317.95 million. In after hours trading, APKT shares have fallen 17% to $26.37 after hitting a low of $25.00. Even prior to today’s guidance related plunge, APKT had lost 45% over the last year and is way off of its 52-week high of $84.50.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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