MTI Technology Stock Skids

MTI Technology Corp. learned Wednesday just how rough Wall Street can be.

The company, which went public in April, announced that its revenue for its fiscal first quarter will be 10% to 15% below analysts’ projections. Then it watched its stock plummet almost 39% to close at $4 a share, down $2.50 in Nasdaq trading.

The maker of high-performance computer storage devises attributed the lower-than-expected revenue to increased competition from Digital Equipment Corp. MTI said it will release results for the quarter--which ended July 2--by July 31.

In its initial public stock offering, 15-year-old MTI raised more than $30 million for itself and $15.3 million for several key investors. For its fiscal year ended April 2, the company earned $2.9 million on revenue of $123.5 million.