Extreme still struggling with sales
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After a challenging 2006 fiscal year, Extreme Networks began fiscal 2007 with more bad news.
The Ethernet equipment vendor reported $83.8 million in net revenue for the first quarter of its 2007 fiscal year (which ended Oct. 1), down 14% from a year earlier and up less than 2% sequentially.
U.S. revenue in particular was down 24% from a year earlier to $34.2 million, while overseas revenue was down only 6% to $49.6 million.
Extreme has been struggling to lift sales all year, repeatedly posting disappointing financial results and grappling with staffing problems. In August, the company named a new chief executive officer.
It is also conducting an independent investigation of possible impropriety in its stock option award practices, and Nasdaq has threatened to de-list the company’s stock.
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