Gigamon Skids As Fourth-quarter Results Expected To Miss Guidance

Shares of Gigamon Inc. sank in Tuesday's extended session after the networking-hardware company warned that its fourth-quarter results are likely to fall short of its targets. Gigamon projected adjusted earnings per share of 35 cents to 37 cents versus its outlook of 36 cents to 38 cents. Revenue is expected in a range of $84.5 million to $85 million compared with its guidance of $91 million to $93 million. "We are disappointed our fourth quarter revenue was below our prior guidance, but we are pleased with our overall financial performance in 2016," Paul Hooper, chief executive of Gigamon, said in a statement. Gigamon shares skidded 22% after hours. Gigamon is scheduled to announce its quarterly earnings on Feb. 2.