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Name | Symbol | Market | Type |
---|---|---|---|
Spirent Communications PLC (PK) | USOTC:SPMYY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.00 | 9.05 | 9.95 | 0.00 | 16:21:17 |
LONDON--Shares in telecommunications equipment tester Spirent Communications PLC (SPT.LN) fell more than 16% after it said revenue is being hurt by merger activity among its customer base.
The company now expects more modest revenue rises than previously expected in the third and fourth quarter amid softer trading conditions in the U.S. and China.
"Demand levels dipped sharply as a result of merger activity and delays in capital expenditure as future new technology deployments are being assessed in areas in which Spirent has increased its investments," the company said.
Spirent didn't specify which merger activity is affecting its sales and wasn't immediately available for comment but analysts at Barclays said they think the merger comments might refer to the U.S. telecoms company AT&T Inc (T), historically Spirent's largest customer. AT&T recently spend $49 billion on satellite TV company DirecTV.
Spirent provides testing services for smartphones and other devices and for telecommunications networks.
Shares at 0735 GMT, down 16 pence, or 16.7%, at 82 pence, valuing the company at 501.3 million pounds ($801.9 million).
Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan
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