Aladdin sees 2Q sharply below Wall Street views

Aladdin shares fell 24 percent to $10.11 in premarket trading from a $13.26 close Tuesday.

The Israel-based maker of computer security products lowered its full-year financial forecasts based on the latest results.

Aladdin, which released preliminary figures for the quarter, said it expects to report profit of 1 cent per share on revenue of $26 million to $26.5 million in the latest period.

Analysts polled by Thomson Financial expected profit of 27 cents per share.

The results "fell short of our expectations primarily due to a weaker global economy as well as several anticipated customer orders slipping from the second quarter," the company said in a statement.

The depreciation of the dollar also led to a decline in earnings.

For the year, the company now expects revenue between $112 million and $120 million, compared with $107 million last year. It anticipates profit between 36 cents and 44 cents per share, excluding expenses related to acquisitions. The comparable year-ago figure was $1.02 per share.

Wall Street expects a profit of $1.13 per share.