Packeteer ( PKTR) plunged 40% Friday after a second-quarter earnings shortfall.

For the second quarter ended June 30, the Cupertino, Calif., provider of traffic management software earned $2.1 million, or 6 cents a share. That's down from the year-ago $2.6 million, or 8 cents a share. Revenue rose to $21.6 million from $17.5 million a year earlier.

"We are disappointed with our second-quarter 2004 revenues, which resulted from weakness in our Asia Pacific region, as our North American and European businesses met our expectations," CEO Dave Cote said. "We believe the weakness in Asia was temporary and one-time in nature, and as a result, expect to see a more normal contribution from Asia in the third quarter 2004, and continued strong performance in North America and Europe. We believe that the fundamental demand for our application traffic management solutions remains strong."

The stock dropped $5.49 to $8.20.

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