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Shares of Gigamon Plummet on Weak First-Quarter Revenue Forecast

Shares of Gigamon plummeted in after hours trading on Monday after forecasting lower-than-expected first-quarter revenue. The company forecast revenue of between $31 million and $31.5 million, below its previously-stated guidance and shy of analyst expectations of $34.8 million, according to Thomson Reuters. The company, which makes network traffic management software, blamed the weaker-than-expected results on a $2.3 million inventory charge tied to the cancellation of a contract.