News

Redback Goes More Into Red

9/30/2001 8:00 PM Eastern

Robertson Stephens & Co. widened its loss estimates on Redback Networks Inc. after the optical-networking company lowered its third-quarter guidance. Robertson increased its year-end loss estimate for Redback to $1.03 per share from 88 cents. For 2002, losses were adjusted to $1.04 per share from 76 cents. "These new estimates represent what we believe to be an adequately cautious assessment of the current environment's effect on Redback," Robertson said in a research note. Redback said its third-quarter revenue would be between $35 million and $40 million, due to reduced orders resulting from an already weak telecommunications market and the Sept. 11 terrorist attacks.

Want to read more stories like this?
Get our Free Newsletter Here!
August
October