Sandvine tumbles after Q3 revenue warning

Shares of Sandvine (TSX:SVC) are down today after the company warned its upcoming Q3 revenue would not meet street expectations.

The company said it expects its topline will come in at between (U.S.) $27.5-million and $28.0-million.

“Our results this quarter highlight the challenges related to the timing of closing larger opportunities,” said CEO Dave Caputo. “There were a couple opportunities that we expected to close in the quarter that did not materialize as quickly as expected, which is disappointing, but we do anticipate closing them in Q4. We continue to be very excited about Sandvine’s prospects in 2014 and believe that the market will continue to grow.”

In July, Sandvine reported its Q2, 2014 results. The company earned $4.4-million on revenue of $29.7-million. The topline number was a 26% improvement over the previous year’s second quarter.

At press time, shares of Sandvine were down 8.5% to $3.01.