Shares of A10 Networks, Inc. (ATEN), a provider of secure application services and solutions, have plunged nearly 30% Wednesday morning after the company provided its revenue expectation for the third quarter significantly below consensus estimate.
The company expects revenue in the third quarter to be between $56.5 million and $58.5 million. Analysts on average polled by Thomson-Reuters expect revenue of $74.65 million for the quarter.
"In our third quarter we experienced delays related to North American service provider customers pushing out capital expenditures. Deals we expected to close at the end of the quarter were delayed into future periods," said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks.
ATEN is at $10.48 currently. It has traded in the range of $10.38 - $19.79 in the last 52 weeks.
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