Updated from April 15

McData ( MCDTA) investors got their second pasting of the day after the bell Thursday, when the network storage maker warned that first-quarter revenue would trail estimates.

The stock, which fell 6.5% Thursday on disappointment with EMC's ( EMC) first quarter, fell anotherr 36 cents, or 5.7%, to $5.90 early Friday.

McData said sales in the quarter ending April 30 will be in a range of $94 million to $104 million, down from its previous estimate of $108 million to $115 million and below the consensus forecast of $112.3 million, by analysts surveyed by Thomson First Call of $112. 3 million.

"This change in anticipated revenue reflects less robust-than-expected early 2004 purchase patterns by customers and end-users, some of which may relate to a slow pace of economic recovery and seasonal softness in IT spending in the first quarter," the Broomfield, Colo., company said.

While sales will fall short, McData said its pro forma bottom line should still be in a range of a loss of 1 cent a share to net income of 2 cents a share. The company had previously forecast earnings of break-even to net income of 2 cents a share. Analysts were forecasting earnings of 2 cents a share.

"Gross margins expected to be on track with previous guidance and operating expenses expected to be lower than previously forecast," the company said, adding that the estimates exclude deferred compensation charges and amortization charges related to purchased intangible assets, estimated losses on the investment in Aarohi, restructuring charges or any additional charges related to unanticipated events.

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