NEW YORK (TheStreet) --Shares of Gigamon Inc. (GIMO - Get Report) are falling -32.62% to $12.25 on heavy volume in late afternoon trading today, continuing a slump the networking and communication devices company began when the market opened.
Gigamon announced it cut its revenue forecast for the 2014 second quarter to between $34.5 million and $35 million, from its original guidance between $38 million and $42 million.
The company said "challenges with closing deals" is what led to them cutting their revenue outlook. Gigamon is expected to release its 2014 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.