Infoblox shares fall on weak earnings forecast
(Reuters) - Network automation company Infoblox Inc (BLOX.N) forecast full-year earnings below analysts' estimates, sending its shares down 13 percent in extended trading.
The stock was trading at $20.40 after market. It closed at $23.39 on Thursday on the New York Stock Exchange.
The company, which counts Adobe Systems Inc (ADBE.O), Best Buy Co Inc (BBY.N), Boeing Co (BA.N) and Caterpillar Inc (CAT.N) among its customers, forecast 2013 earnings of between 4 cents and 7 cents, on revenue of $195 to $202 million.
Analysts on average were expecting earnings of 11 cents per share, on revenue of $194.8 million, according to Thomson Reuters I/B/E/S.
Infoblox is spending more on sales and marketing, hurting its earnings forecast, Wedbush Securities Inc analyst Sanjit Singh said.
Though the revenue outlook is above estimates, it is probably not good enough for a company that recently went public, he said.
Infoblox, which went public in April, reported better-than-expected fourth-quarter revenue.
(Reporting By Garima Goel in Bangalore; Editing by Maju Samuel)