Shares of Infoblox (BLOX) plummeted more than 38% in Friday morning trading after the company posted a wider quarterly loss, cut its outlook for the year, and announced the departure of its CEO.
During its fiscal third quarter, BLOX reported a loss of $7.4 million. In the prior-year period, BLOX recorded a loss of $257,000. Adjusted EPS came in at 7 cents, slightly topping the 6 cents that analyst had predicted, MarketWatch notes.
BLOX said that it generated revenue of $61 million during the quarter, up 5.1% year-over-year, but falling short of the $66.6 million that Wall Street had anticipated.
Looking forward, BLOX trimmed its earning guidance for the year. It now expects a profit of between 30 cents and 32 cents per share. BLOX also reduced its revenue outlook from a prior range of between $250 million and $254 million to a new range of between $245 million to $246 million.
The network-automation developer said that CEO Robert Thomas, who had been with BLOX since 2004, would step down to pursue other interests.
On Thursday BLOX stock closed at $20.52 per share.
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