The company says economic conditions have stalled customer buying plans for the next quarter, making it tough to predict sales growth.
The announcement was made as part of Brocade's first-quarter earnings call after market close yesterday (see Brocade Enjoys $165M Q1). The company, which owns roughly 60 percent of the SAN market, posted net revenues of $165 million, more than 200 percent above revenues for the same time last year, and 25 percent over the previous quarter's figures. Diluted net income per share was $0.13, compared to $0.03 for the first quarter of 2000 and $0.11 for the last.
But earnings will stay flat next quarter, Brocade says, and growth will be roughly 19 percent for the last two quarters of 2001 -- resulting in growth of about 100 percent year over year.
The announcement caused a flurry of downgrades by financial analysts and sent Brocade's stock tumbling. Shares were trading at 41.13, down 3.56 (7.97%) by early afternoon today.