Ascend’s CFO Says Profit Will Bounce Back

Ascend Communications Inc.’s new chief financial officer said the company will meet earnings estimates this quarter and next year as it cuts expenses and lowers prices. The Alameda-based maker of computer-networking equipment reported that its profit declined in the third quarter, breaking a string of more than a dozen straight quarters of record earnings. The decline came after technical problems delayed product shipments in the second quarter and international sales slumped. Ascend shares fell $1 to close at $25.31 on Nasdaq. The shares are down 69% since peaking at $80.25 on Jan. 23, with lost market value exceeding $10 billion. Chief Financial Officer Michael Ashby, 48, who was hired Friday, said he expects the company to meet analyst estimates of 23 cents a share in the quarter ending Dec. 31, on revenue of $280 million to $290 million.