NEW YORK (TheStreet) -- Shares of Gigamon plummet after Monday's close on the company's weaker-than-expected first-quarter revenue forecast.
Shares of Gigamon (GIMO) plummeted in after-hours trading on Monday after the company forecast lower-than-expected first-quarter revenue.
The company forecast revenue of between $31 million and $31.5 million, below its previously stated guidance and shy of analyst expectations of $34.8 million, according to Thomson Reuters. The company, which makes network traffic management software, blamed the weaker-than-expected results on a $2.3 million inventory charge tied to the cancellation of a contract.
Gigamon's shares fall as much as 21% after Monday's close. CEO Paul Hooper said the company "did not see any material change within the competitive landscape during the first quarter" and said he is encouraged by the initial assessment of the company's second-quarter pipeline.
The company will release its first-quarter results after the close on April 24. In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.