Gigamon (GIMO) shares drop on cut outlook

Gigamon (GIMO)  shares fell 24% to $19.92 on moderate volume after the network data traffic technology firm said it expects revenue of $31 million to $31.5 million, down from its previous outlook of $34 million to $35 million, after an expected emerging-markets transaction did not materialize.

chart before the after-hours drop

Analysts surveyed by FactSet expect earnings of 1 cent a share on revenue of $34.8 million.

Gigamon priced its initial public offering at $19 a share back in June.