Internap Shrs Swoon (Again) As It Cuts Guidance (Again)

Internap (INAP) shares are getting clobbered in late trading, as the company cut its 2008 guidance for the second quarter in a row.

Internap now expects revenue up 9%-13%, with adjusted EBITDA growth of 11%-15%. One quarter ago, the company had projected 13%-18% revenue growth, with 17%-20% EBITDA growth. That forecast itself had been reduced from the company’s original forecast for the year of 25% top-line growth and 20% EBITDA growth.

The company blamed the reduced guidance on “softness in our CDN segment.”

For Q2, the company posted revenue of $62.3 million and a loss of 2 cents a share; the Street had expected $64.3 million and a profit of 3 cents.

After hours, INAP is down $1.08, or 24.7%, to $3.30.