NEW YORK (TheStreet) -- Ixia (XXIA) stock is plunging 17.02% to $10.12 on heavy trading volume this afternoon after the company warned late Thursday that its first-quarter revenue will miss its own forecast.
Ixia expects that 2016 first quarter revenue will range between $108 million and $111 million, down from the company's previous guidance for revenue between $121 million and $126 million.
Ixia anticipates that non-GAAP earnings will be between 5 cents and 8 cents per share for the quarter, compared to its previous expectations for earnings between 10 cents and 14 cents per share.
Wall Street is looking for earnings of 12 cents per share on revenue of $123.3 million.
"Our topline performance was primarily impacted by an unexpected and marked slowdown in network test spending from our North America network equipment manufacturer customers in March, and we continued to experience delays in closing network visibility deals," CEO Bethany Mayer said in a statement.
Ixia is a provider of testing, visibility and security solutions based in Calabasas, CA.
About 2.85 million shares of the company have been traded so far today, well above the company's average trading volume of roughly 309,540 shares per day.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.
Ixia's strengths such as its revenue growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: XXIA
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.