08.07.2014 22:41:34
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Gigamon Cuts Q2 Revenue Outlook
(RTTNews) - Gigamon Inc. (GIMO) on Tuesday lowered its second quarter revenue outlook, citing challenges in closing deals during the later stages of the quarter.
The company said it now expects revenue for the second quarter to be $34.5 million to $35.0 million, below its previously stated guidance of $38.0 million to $42.0 million.
Analysts polled by Thomson Reuters currently expect the company to post revenue of $40.24 million for the second quarter.
"We are disappointed in these preliminary results. 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 Paul Hooper, Gigamon's chief executive officer.
Gross margins and operating expenses are expected to be consistent with the previously stated guidance.
The company will report second quarter financial results after the market closes on July 24.
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