Shares of data storage equipment maker Network Appliance (NTAP
) plummeted in the after-market, down about $5 at $23.07, after the company Thursday afternoon cut its forecast
for sales in the first quarter ended July to as much as $688 million from a prior forecast of $753 million. It also cut its profit forecast to 20 cents a share from 25 cents.
The company said it will report full results August 15.
The company’s chief executive Dan Warmenhoven in a statement attributed the revision to “softness in enterprise storage spending,” particularly among the company’s existing accounts. The company hosted a conference call at 5pm here.
NTAP 1-yr chart: