Sandvine posts wider-than-expected loss

Reuters News
Posted: Jul 06, 2012 7:43 AM
Sandvine posts wider-than-expected loss

(Reuters) - Canadian network equipment maker Sandvine Corp posted a wider-than-expected quarterly loss as revenue fell 24 percent.

Second-quarter net loss was $4.2 million, or 3 cents per share, compared with a net income of $1.7 million, or 1.2 cents per share, a year earlier.

Revenue fell to $18.6 million from $24.5 million.

Analysts had expected a loss of 2 cents per share on revenue of $18.8 million, according to Thomson Reuters I/B/E/S.

Sandvine last month warned of smaller-than-expected revenue for the second quarter due to delays in closing several projects with Spanish telecom company Telefonica SA.

Separately, Sandvine said on Friday it received over $2 million worth orders from one of the top 10 telecom providers in the United States.

Shares of the Waterloo, Ontario-based company closed at C$1.34 on the Toronto Stock Exchange on Thursday.

(Reporting by Megha Mandavia in Bangalore; Editing by Sriraj Kalluvila)