Adtran sees fourth-quarter sales down from third quarter
(Reuters) - Network gear maker Adtran Inc (ADTN.O) said typical seasonality and a weak spending environment may lead to a fall in fourth-quarter revenue, sending its shares down 8 percent to their lowest in three and a half years.
A faltering U.S. recovery and weakness in Europe have hurt network equipment makers as their biggest customers, telecom service providers, cut spending and delay purchase of equipment.
Adtran expects fourth-quarter revenue to fall by a "teens" percentage point from the third quarter, it said in a filing with the U.S. Securities and Exchange Commission.
The company, which is expected to report third-quarter results on October 10, recently slashed its sales outlook for the period to about $162 million.
Shares of the company slipped to $15.73 on the Nasdaq in afternoon trading on Wednesday.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das and Supriya Kurane)
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