NEW YORK (TheStreet) -- Shares of Gigamon Inc. (GIMO) are falling -30.69% to $12.60 in early trading on Wednesday after the networking and communication devices company cut its revenue forecast for the 2014 second quarter.
The company is now expecting revenue between $34.5 million and $35 million, down from its previous guidance of between $38 million and $42 million.
Gigamon blamed its outlook reduction on "challenges with closing deals" and is expected to report its second quarter results after the close on July 24.
Must Read: Warren Buffett's 25 Favorite Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV