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Infoblox Cuts Its Outlook, Says Its CEO Is Stepping Down, And The Stock Is Crashing

Myles UdlandMay 30, 2014, 02:38 IST

Ultimate Factories/National Geographic Television And FilmInfoblox shares are tanking

Infoblox announced that its president and CEO, Robert Thomas, is stepping down. Thomas, who joined the company as its CEO in 2004, will remain with Infoblox until a successor is named.

Management also gave a profit and revenue outlook for the upcoming quarter that came in well below expectations.

Infoblox is an IP address management company that provides network support to enterprise customers and service providers.

In after hours trade, shares of Infoblox are down 30%.

Excluding its after hours losses, Infoblox shares were down more than 35% year-to-date. The stock fell more than 25% in February after the company cut its outlook for the quarter it just completed.