Radware lowers 1Q profit, revenue forecasts

NEW YORK (AP) -- Israeli technology company Radware is lowering its first-quarter earnings and revenue forecasts due to weaker-than-expected sales in China and Europe, the Middle East and Africa.

Its stock dropped more than 18 percent in premarket trading on Friday.

Radware Ltd. said that it now expects adjusted earnings of 30 cents per share, down from its prior guidance of 40 cents to 43 cents per share. Revenue is now anticipated at $45 million. The previous outlook was for revenue between $48.5 million and $49.5 million.

Analysts surveyed by FactSet predict earnings of 43 cents per share on revenue of $49.2 million.

Shares of Radware declined $6.82, or 18.2 percent, to $30.76 shortly before the market open.