Business software maker VMware Inc warned on Tuesday that 2008 revenue growth will fall short of expectations and said it has replaced its chief executive, sending its shares tumbling 30 percent.
VMware said it expects revenue for 2008 to be "modestly below" its previous forecast for 50 percent growth over 2007. It did not elaborate.
VMware, 86 percent-owned by storage equipment maker EMC Corp , is scheduled to report second-quarter results on July 22.
Its shares fell to an all-time low of $36.55 earlier in the session before recovering a little to $38.77, still down 27 percent. EMC shares fell 12 percent to $13.33.
The shares debuted on the New York Stock Exchange at $52 in August 2007, compared with their IPO price of $29. They reached a record high of $125.25 in October 2007.
Source : NYT
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$39.7 (07/09/08)
