Arris Shrs Swoon As Q2 Misses; Q3 Outlook Falls Short Of Ests

Arris Group (ARRS) shares are down sharply in late trading after the cable equipment provider posted disappointing Q2 results.

For the quarter, ARRS reported revenue of $280.4 million and non-GAAP profits of 24 cents a share; the Street had expected $288.3 million and 25 cents.

For the third quarter, Arris expects revenue of $270 million to $290 million – flat with Q2, basically – with non-GAAP profits of 16-20 cents a share; the Street has been projecting $300.5 million and 27 cents.

On news of the miss, ARRS in late trading is down $1.14, or 9.9%, to $10.35.