Why Infoblox (BLOX) is Tumbling in After-Hours Trading

NEW YORK (TheStreet) -- Infloblox (BLOX) is tumbling in extended trading Monday after warning on lower-than-expected second-quarter results.

After the bell, shares tanked 29.1% to $23.51, after taking off 1.2% over Monday's session.

The network services provider said it expects revenue between $60 million and $61 million for the three months to January, below prior guidance of $65 million to $66 million. Analysts surveyed by Thomson Reuters anticipated sales of $65.65 million.

For the full year ending July, management forecasts sales of $250 million to $254 million, below guidance of $270 million to $276 million and analyst consensus of $274.52 million.

The company said it anticipates full-year net income of 30 cents to 34 cents a share, compared to a previous range of 44 cents to 54 cents a share and analyst expectations of 52 cents a share.

"While sales through the first two months of the quarter met our internal expectations, we experienced a much weaker January than expected, said CEO Robert Thomas in a statement. "We had fewer $1 million-plus transactions in the quarter than we typically do. Finally, our Federal business came in below our expectations.

"While we are disappointed that we fell short of our financial expectations for the quarter, we remain confident in our strategy, the large market opportunity, our competitive differentiation and the compelling value proposition our products deliver to customers."

Infoblox bottomed out in late November after original second-quarter guidance fell short of expectations.

Must Read: Infoblox (BLOX) Shares Cross Below 200-DMA

TheStreet Ratings team rates INFOBLOX INC as a Sell with a ratings score of D+. The team has this to say about their recommendation:

If you liked this article you might like

Outsiders Led the Buyouts of Tech 'Unicorns' in 2016

F5 Networks May Catch Activist Investor Attention Amid Sector Consolidation

Infoblox (BLOX) Stock Upgraded at Deutsche Bank

These 7 Stocks Are Trading on Big Volume -- Here's What to Do With Them Now

F5 Networks in Focus as Next Activist Target After Infoblox Deal