Brocade said late Thursday that it had a second-quarter adjusted profit of 13 cents a share, which was a penny above expectations. However, revenue of $501 million was down 1% from the year-ago quarter and was below the $503.16 million consensus target.
Following the company's results, Goldman Sachs downgraded the firm's rating on Brocade to neutral from buy.
Brocade shares plummeted by 52 cents, or 8.9%, to $5.35 in Friday's premarket session. The 50-day average daily volume for Brocade is 18.61 million, according to the Nasdaq.
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