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Shares of data storage equipment maker Network Appliance (NASDAQ: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:
ntap chart 8-07

Source: Network Appliance Tumbles On Slashed Forecast