Ubiquiti Networks forecasts gloomy 1st qtr, shares slump
(Reuters) - Ubiquiti Networks Inc (UBNT.O) forecast first-quarter results much below analysts' expectations, saying weak customer demand and availability of fake wireless equipment products were hurting sales.
The company's stock was down 41 percent in extended trading.
Ubiquiti said it expects an adjusted profit between 14 cents and 17 cents per share for the first quarter on revenue of between $62 million and $70 million.
Analysts on average were expecting adjusted earnings of 29 cents per share on revenue of $98.4 million, according to Thomson Reuters I/B/E/S.
The company recorded a net profit attributable to its common stockholders of $28.5 million, or 30 cents per share, for the fourth quarter, compared with a loss of $9.4 million, or 15 cents per share, a year earlier.
Excluding items, the company earned 30 cents per share.
Revenue rose 40 percent to $94.9 million.
Analysts had expected a profit of 29 cents per share on revenue of $94.6 million.
Ubiquiti shares were down at $8.90 in trading after the bell. They closed at $15.01 on the New York Stock Exchange on Thursday.
(Reporting By Aurindom Mukherjee in Bangalore; Editing by Joyjeet Das)
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