NEW YORK (TheStreet) -- Shares of Riverbed Technology Inc. (RVBD) declined on Monday, closing lower by -8.60% to $18.60, on heavy trading volume after the company cut its 2014 second quarter earnings guidance.
Riverbed, a company that develops solutions to fundamental problems associated with information technology performance, said it's now expecting non-GAAP revenue to be in the range of $264 million to $265 million, below its original guidance between $274 million and $280 million.
Earnings for the 2014 second quarter will be at the low end of the company's previous guidance of 26 cents to 28 cents per diluted share.
Analysts polled by Thomson Reuters were expecting revenue of $277.42 million and EPS of 27 cents per share.
Separately, TheStreet Ratings team rates RIVERBED TECHNOLOGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate RIVERBED TECHNOLOGY INC (RVBD) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and increase in net income. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."
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