Shares of Westford Company Down After Disappointing Quarterly Estimates

Westford based NetScout saw the value of its stock fall just over $3 a share at the after a disappointing end of first fiscal quarter earnings announcement at the end of June.

The Littleton Road based company reported that its preliminary quarterly estimate earnings ending the year’s first fiscal quarter on June 30 were at $62-$64 million, below previous expectations.

“We are disappointed by our preliminary results for the first fiscal quarter, which was below our expectations even for what is typically a seasonally slow quarter,” said NetScout President and CEO Anil Singhal.

The disappointing report came largely from what Singhal cited as shortcomings in government business, but noted that the company was ready to bounce back in the near future thanks to upcoming advances, although yearly revenue expectations would be lowered due to the preliminary quarterly estimates.

“Our product pipeline is strong, and we remain enthusiastic about our position as the market leader in Unified Service Delivery Management based on our unique technology, our recent addition of voice and video management, and the growing strength of our customer relationships,” said Singhal, who stated the lowered yearly revenue expectations would not change the direction of the company’s strategic initiatives.

At the close of the market on Tuesday, shares of NetScout (NTCT.O) were priced at $16.72 apiece on NASDAQ, down from the $17. 64 value immediately after the announcement.