NetScout Systems, a cybersecurity company based in Westford, Massachusetts, announced a reduction in its full-year guidance following disappointing preliminary second-quarter results. The company’s revenue for the quarter ending on September 30 is projected to be between $195 million and $197 million, falling short of the analysts’ forecast of $223.6 million, according to FactSet.
NetScout also revised its fiscal 2024 revenue outlook, adjusting it to a range of $840 million to $860 million, down from its previous outlook of $915 million to $945 million. Analysts polled by FactSet had anticipated full-year revenue of $922.6 million.
The company now expects a second-quarter profit of 28 cents to 30 cents per share, compared to its earlier projection of 86 cents to 98 cents per share for the full year.
Chief Executive Anil Singhal cited industry and economic challenges faced by customers as the primary reasons behind the company’s setbacks. NetScout anticipates these headwinds to continue affecting its results throughout the second half of the year.
In response to the decline in revenue, the company has implemented cost-cutting measures aimed at reducing spending.
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