Why Gigamon (GIMO) Stock Is Plummeting In After-Hours Trading

NEW YORK (TheStreet) -- Shares of Gigamon Inc. (GIMO) are plunging -28.49% to $13.00 in after-hours trading on Tuesday as it announced preliminary results for the second quarter of fiscal year 2014, ahead of its release date on July 24.

The company expects revenue to be approximately $34.5 million to $35.0 million, below the company's previously stated guidance of $38 million to $42 million. 

"We experienced challenges with closing the deals in our pipeline during the later stages of the quarter, as we continued to see longer review and approval cycles" said company CEO Paul Hooper.  

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