PairGain Technologies Inc. shares fell Tuesday after the Tustin company posted second-quarter earnings that failed to meet analysts' forecasts.
The stock fell 8.2%, or $1.38 a share, to $15.38 in heavy trading. A total of 9.14 million shares changed hands, making PairGain the 15th most active stock in U.S. markets.
PairGain said late Monday that net income rose slightly to $11.8 million from $11.7 million a year earlier. Per-share earnings were 16 cents in both periods. Analysts expected PairGain to earn 17 cents in the latest quarter, according to a survey by IBES International Inc. Revenue rose 11% to $73.4 million from $66.4 million.
The company said operating expenses increased because of additional engineering and field sales as well as the introduction of some product lines.