Extreme Networks Plunges Following CFO's Resignation

(RTTNews) - Shares of networking solutions provider Extreme Networks, Inc. (EXTR) are falling more than 20% Wednesday morning after the company said its CFO, Rmi Thomas will resign to join another firm. The company, however had reported better-than-expected results in the second quarter.

Thomas will remain with Extreme until February 16, the company said.

Profit in the second quarter increased to $17.9 million or $0.13 per share from $13.3 million or $0.10 per share a year ago.

Excluding one-time items, earnings were $0.27, that beat the average estimate of analysts polled by Thomson-Reuters of $0.24 per share.

Quarterly revenue increased 13% year-over-year to $318.35 million. The consensus estimate was for $304.37 million.

EXTR, currently at $15.44, has traded in the range of $8.49-$21.03 in the last 1 year.