Powerwave Technologies

(PWAV)

slid 9% after slashing its first-quarter revenue target.

The Santa Ana, Calif., wireless company cut its forecast to $195 million from $245 million, citing weak demand.

Analysts polled by Thomson First Call were expecting a revenue of $246.7 million and earnings of 14 cents a share.

"For the first quarter, we have experienced stronger seasonality than we expected, which has resulted in a slower start to the year than we were anticipating," the company said. "Coupled with this stronger seasonality, we have experienced slower-than-expected demand from a major North American wireless network operator, which has also significantly impacted our first quarter."

Early Tuesday, Powerwave dropped $1.13 to $12.15.

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