Ascend Communications Inc did what it said it would in its third quarter earnings warning last month (CI No 3,252), and recorded third quarter net income down 11.1% at $40.1m compared with $45.2m last time on revenue up 8.7% at $270.4m over $248.8m last time. The company, still digesting its Cascade Communications Corp and blaming weak international sales and delayed deployment of its MAX TNT because of late 56k functionality for the shortfall in expectations claimed it is the first time in its history that it has not achieved its target. It pointed to strong sales of its ATM products but doesn’t expects its new GRF IP switch to garner substantial revenue until the middle of next year. At the nine month mark the company recorded a loss of $171.9m down from a profit of $119.4m last time on revenue up 45% at $874.8m over $602.4m last time.
