Sonus is crashing.
Shares of the tech company fell by more than 30% to around $US9.20 per share in trading Tuesday.
The company, which specialises in secure communication solutions like voice over IP, said Tuesday that it will receive less orders this quarter than it had expected.
From the company’s statement released Tuesday:
“The Company no longer expects to receive certain orders this quarter that had been expected to be received at the back end of the first quarter, and believes its planned cost reduction initiatives will help better align the Company’s cost structure in light of these longer decision cycles.”
The company also lowered its first-quarter guidance for revenue to $US47 million-$US50 million compared to previous guidance of $US74 million. For the full year, the company expects sales to come in at $US326-$US330 million, down about 25% from its previous outlook.
It will give details of the cost reductions in its earnings release next month.
Here’s a chart showing the plunge: