Shares of Aruba Networks Inc. (NASDAQ: ARUN) tumbled about 26.50% by afternoon trade after the wireless equipment maker, late last evening, said that it swung into third quarter loss as the bottom line was felt the impact due to rising expenses, higher taxes. The Company also provided disappointing guidance for the fiscal fourth quarter. The Company now anticipates earnings come in the range of 10 cents to 12 cents a share on revenue range of $148 million to $150 million. Analysts polled by Thomson Reuters had most recently forecasted earnings of 17 cents a share on revenue of $157 million. Excluding onetime items, adjusted earnings stood at 11 cents a share in the fiscal third quarter compared to 16 cents a share, in the year-earlier quarter. Revenue jumped 12% to $147.1 million. Earlier in May the Company provided earnings guidance of 11 to 12 cents a share on revenue range of $144 million to $147 million.
Continue reading Major Movers on May 17; ARUN, BRCD, ADSK, JCP, DE