Extreme Networks (EXTR) Warns for Q2, Plans to Cut Spending

Extreme Networks (NASDAQ: EXTR) revised its guidance for the fiscal second quarter. Net Revenue is estimated to be approximately $75 to $77 million, versus the low end of previously provided guidance of $78 million primarily due to delays in customer expenditures in EMEA and the US. The consensus is $82.24 million. Diluted EPS is expected to be in a range of $0.02 to $0.03, versus the consensus of $0.06.

Extreme Networks also announced a plan to streamline its operations to reduce costs and also provided an updated financial model for Fiscal 2013. The restructuring plan is expected to result in approximately $7.0 million in reduced quarterly costs once the plan is fully implemented. The Company expects to record a charge of approximately $5.5 to $7.0 million in the fiscal quarter ended on December 31, 2012.

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