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Infoblox shares plunge after weak forecast, CEO resignation
May 29, 2014 / 9:10 PM / 4 years ago

Infoblox shares plunge after weak forecast, CEO resignation

May 29 (Reuters) - Network equipment maker Infoblox Inc forecast a lower than-expected profit for the current quarter after reporting a bigger loss in the third quarter, sending its shares down as much as 30 percent in extended trading.

Infoblox also said Chief Executive Robert Thomas will step down once it finds a successor.

Infoblox now expects to break even or earn up to 2 cents per share, on an adjusted basis. Analyst on average were expecting 6 cents per share, according to Thomson Reuters I/B/E/S.

The company’s net loss widened to $7.4 million, or 14 cents per share, in the quarter ended April 30 from $257,000, or 1 cent per share, a year earlier.

Infoblox shares fell to $14.45 after closing at $20.52 on the New York Stock Exchange on Thursday. (Reporting By Subrat Patnaik)

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