Flash storage systems specialist Tintri Inc. is down in the dumps today after a disappointing second-quarter earnings report, its first since launching its initial public offering in June.

The company reported a huge net loss of $51.7 million, or $2.05 per share, on revenue of $34.9 million. That was an improvement on Tintri’s $7.53 per share loss on sales of $27.6 million in the same period a year ago, but still fell short of Wall Street’s expectations.

Analysts were hoping for adjusted losses of 98 cents a share on sales of $35.7 million, according to data from FactSet.

Tintri also disappointed investors with its refreshed guidance for the third quarter. The company forecast third-quarter revenue of just $36 million to $37 million, compared with analysts’ projections of $42.8 million.

The departure of Chief Sales Officer Michael McGuire on Aug. 21 had a bigger impact than expected, Morgan Stanley analyst Katy Huberty said in a note to clients. She had penciled in a 5 percent revenue hit. “Given additional departures of ramped sales people, the impact to revenue is much larger than we originally expected,” she wrote. She reduced her fiscal 2018 revenue growth estimate to 17 percent, from almost 25 percent previously, and fiscal 2019 growth from 24 percent to less than 14 percent.

Tintri Chairman and Chief Executive Officer Ken Klein inevitably tried to put a positive spin on the results, highlighting the company’s “stronger than projected profitability and cash flow improvements” in the quarter.

“In the quarter we received the largest order in the company’s history and added new enterprise logos,” Klein said. “Additionally, we experienced continued momentum in our land-and-expand strategy with more purchases from current customers differentiation and better enable our customers to transition to the enterprise cloud.”

Shareholders nevertheless voiced their displeasure in after-hours trading, as Tintri’s share price collapsed by more than 13 percent. Tintri’s share price is now hovering around the $5.80 mark, having closed at $6.68 during the regular session.

With reporting from Robert Hof

Image: Tintri/Facebook