The computer storage products maker's stock fell almost 3 percent, or 0.38 to 12.75, in pre-session trading on the Island ECN electronic trading network. The stock had traded at a 52-week high of 62.125 before slipping to a low of 8.
For the quarter, the company reported earnings of $25.46 million, or 26 cents per diluted share, on revenues of $186.26 million.
Earnings were a penny shy of the 27 cents a share First Call analysts' consensus forecast, while revenues missed the $193.3 million estimate.
Adaptec's numbers also fell short of the $57.55 million, or 52 cents per diluted share, earned on revenues of $211.45 million registered in the same period a year ago.
In a release, president and CEO Bob Stephens noted that the company's revenues were up slightly sequentially, despite the industry-wide economic slowdown that resulted in slower-than-anticipated seasonal sales.
Also in the quarter, the company postponed and later withdrew its IPO application for its subsidiary Roxio, and said it is now exploring other funding options.
The Matrix remembered at 20: Keanu classic or cyberpunk snooze?: Two decades on, share your own memories of the 1999 sci-fi action movie.
Captain Marvel a soaring tale of self-discovery with a '90s riff: The first female-led Marvel movie subverts superhero tropes in the best possible way.
Discuss: Adaptec shares slide on earnings miss
Be respectful, keep it civil and stay on topic. We delete comments that violate our policy, which we encourage you to read. Discussion threads can be closed at any time at our discretion.