NetScout Systems Inc (NASDAQ:NTCT) reduced its fiscal 2012 profit and revenue estimates yesterday, saying it expects non-GAAP EPS for fiscal 2012 to be in the range of $1.07 to $1.19, vs. the consensus estimate for $1.19 per share, on revenues of $300 to $315 million, vs. the consensus estimate for $329 million.
Previously, the company had projected fiscal 2012 EPS of $1.17 to $1.23, on revenues of $326 to $337 million.
Anil Singhal, President and CEO of NetScout Systems said, "We are disappointed by our preliminary results for the first fiscal quarter, which were below our expectations even for what is typically a seasonally slow quarter. Our preliminary analysis shows that our US government new business bookings suffered substantially from budget holds and our traditionally strong financial services new business was weak, likely due to the profit pressure that our financial customers are currently experiencing. We were successful in growing our service provider and non-financial enterprise businesses year-over-year. In addition to the external factors, there are execution issues that we are addressing to take advantage of the strong position that we have built in both enterprise and service provider markets."
Shares of Netscout Systems are trading down 16.15% at $17.76.