Extreme Networks After Quarterly Profit Declined Below View

(RTTNews) - Shares of networking solutions provider Extreme Networks, Inc. (EXTR) are falling more than 17% Wednesday morning after the company's profit for the second quarter declined. Earnings also missed analysts' view.

Net profit for the quarter was $3.99 million or $0.03 per share, significantly lower than $17.93 million, or $0.13 per share, hurt by increase in expenses.

Excluding items, the company reported earnings of $31.48 million or $0.24 per share for the period. Analysts on average had expected the company to earn $0.25 per share, according to figures compiled by Thomson Reuters.

EXTR is at $17.38 currently. It has traded in the range of $13.10 - $32.73 in the last 1 year.