Shares of Spirent Communications Plc (SPT.L, SPMYY.PK) declined around 5 percent in the morning trade on London Stock Exchange after the communications technology company reported lower revenues in its first quarter, noting that the anticipated slowdown in the market was more pronounced than expected.
Looking ahead, the company said its prospects for the second quarter are expected to achieve similar revenue to that of the same period last year.
In its trading update for the period from January 1 to March 31, Spirent said its first-quarter revenue fell by $20.6 million to $96.8 million, with operating profit impacted by the loss of gross profit on this lower revenue.
According to the company, all major regions saw a reduction in demand consistent with customers' reduction in capital expenditure. Customers delayed projects as their plans have been slow to be released for the year, and certain large accounts have not repeated the high level of spending seen in the corresponding period in 2012, it said.
The company's interim management statement, which will include the first quarter results and further detail on outlook, will be issued on May 1.
In London, Spirent shares are currently trading at 116.10 pence, down 5.90 pence or 4.84 percent.
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