Acme Packet cuts full-year 2008 guidance

Communications equipment maker Acme Packet Inc. sharply lowered its 2008 profit and sales outlook Thursday.

After an initial drop, its shares inched higher in after-hours trading.

The company now expects a profit of 14 cents to 16 cents per share, or adjusted earnings between 23 cents and 25 cents per share.

Its prior outlook was for earnings of 29 cents to 33 cents per share and adjusted earnings of 38 cents to 42 cents per share.

Analysts, on average, were predicting a profit of 23 cents per share, according to a poll by Thomson Financial.

Acme Packet now expects revenue of $116 million to $119 million, down from its prior outlook of $142 million to $147 million.

Analysts are expecting sales of $116.8 million.

Shares rose 10 cents, or 2.1 percent, to $4.68 in after-hours trading. The stock ended regular-session trading down 25 cents, or 5.2 percent, at $4.58.