These Analysts Slash Their Forecasts On Extreme Networks After Q2 Results
Portfolio Pulse from Avi Kapoor
Extreme Networks, Inc. (NASDAQ:EXTR) reported mixed Q2 FY24 results with a revenue decline of 6.9% Y/Y to $296.37 million, slightly above consensus but with an adjusted EPS miss. The company forecasts lower than expected revenue and EPS for Q3 and Q4, attributing challenges to the final stages of COVID-induced supply chain constraints. Shares fell 18.8% following the announcement. Analysts from UBS and Needham revised their price targets and ratings for EXTR.
February 01, 2024 | 12:28 pm
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Extreme Networks reported mixed Q2 FY24 results, with a slight revenue beat but an EPS miss. The company forecasts significantly lower future revenue and EPS, citing supply chain constraints. Shares dropped 18.8%.
The mixed financial results, coupled with the significant downward revision in future revenue and EPS forecasts, have likely contributed to the sharp decline in EXTR's stock price. The company's acknowledgment of ongoing supply chain issues impacting its business adds to the negative sentiment.
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