Cyan Cuts Q4 Revenue Outlook

(RTTNews) - Cyan, Inc. (CYNI), a provider of software-defined networking and packet-optical solutions for network operators, on Monday lowered its fourth quarter revenue outlook, citing a sharp decline in orders from its largest customer.

The Petaluma, California-based company, which went public in May last year, said it now expects fourth quarter revenue to be in the range of $20 million to $21 million, compared to its prior guidance of $30 million to $33 million.

Analysts polled by Thomson Reuters currently expect the company to post revenue of $31.13 million for the fourth quarter.

The company noted that revenue from its largest customer decreasing by about 88% from $19 million in the third quarter to $2 million in the fourth quarter. The company expects full year 2013 revenue f to be in the range of $116 million to $117 million. Analysts currently expect the company to post revenue of $126.82 million for the full year 2013. The company expects to announce full fourth quarter and full year 2013 financial results in early February.

Cyan shares are currently losing 22.65% in after hours trading after closing the day's regular trading session at $5.17, down 12 cents or 2.27%.