Shares of Gigamon Plummet on Weak First-Quarter Revenue Forecast

Gigamon forecast revenue of between $31 million and $31.5 million, below its previously-stated guidance and shy of analyst expectations of $34.8 million.

Author:: Brittany Umar
Publish date:: Apr 8, 2014 9:51 AM EDT

Shares of Gigamon plummeted in after hours trading on Monday after forecasting 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.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.