(Reuters) - Network equipment maker Infoblox Inc estimated second-quarter revenue below analysts’ average forecast, citing disappointing business with the U.S. government and fewer $1 million-plus transactions.
The company’s shares fell 29 percent to $23.42 in extended trading.
“While sales through the first two months of the quarter met our internal expectations, we experienced a much weaker January than expected,” Infoblox Chief Executive Robert Thomas said in a statement.
The company forecast adjusted earnings of 10-12 cents per share on revenue of $60-$61 million for the quarter ended January 31.
Analysts on average were expecting earnings of 10 cents per share on revenue of $65.7 million, according to Thomson Reuters I/B/E/S.
Reporting By Lehar Maan in Bangalore; Editing by Don Sebastian