Foundry Lowers Sales Expectations

Foundry Networks Inc., a maker of switches for telecommunications and Internet service providers, lowered its revenue expectations for the first quarter to a range of $78 million to $81 million. The San Jose-based company said it expects to report a profit and positive cash flow when it releases first-quarter results April 25. Analysts were expecting revenue of $92 million and earnings of 13 cents a share, versus $70 million in sales and earnings of 15 cents in the year-ago first quarter, according to First Call/Thomson Financial. Foundry Networks cited lower-than-anticipated customer orders because of the economic slowdown and weaker-than-expected spending trends. The company’s shares closed up $1.32 at $7.63 on Nasdaq.