NetScout Systems (NTCT) shares plunged more than 19% after-hours today following the company’s announced preliminary results for Q2/24 and updated outlook for the full year.

Q2 revenue is expected to be in the range of $195-$197 million, worse than the consensus estimates of $224M. Non-GAAP net income per share (diluted) is expected to be $0.60-$0.62, compared to the consensus estimate of $0.54.

For the full year, the company sees revenue in the range of $840-$860M, down from the prior outlook range of $915-$945M, and compared to the consensus estimate of $926M. Non-GAAP net income per share (diluted) is seen at $2.00-$2.20 (vs. the prior range of $2.20-$2.32), compared to the consensus estimate of $2.26.

“Today, we are announcing preliminary second fiscal quarter results and updating our full fiscal year 2024 outlook to reflect a recent slowing in order conversion. We believe this is related to industry and economic headwinds facing our customers that began to affect our revenue in the last month of the second fiscal quarter and is expected to impact the second half of fiscal year 2024,” said CEO Anil Singhal.