Gigamon Falls 28% After Hours On Q2 Revenue Warning
Gigamon (NYSE: GIMO) shares plunged more than 28 percent after hours Tuesday when the company warned that second-quarter revenue will fail to meet expectations.
The company, which provides network traffic control products, blamed its customers' longer approval times for accepting orders.
We will take steps to improve our execution, Chief Executive Paul Hopper said in a statement.
Gigamon expects second-quarter revenue of between $34.5 million and $35 million, below earlier guidance of $38 million to $42 million.
Gross margins and operating expenses forecasts are unchanged.
Analysts expected revenue of $40.2 million and earnings of 5 cents a share when the company reports July 24.
Gigamon changed hands recently at $5.18, down 28.5 percent.
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