BROOMFIELD, Colo. (CBS.MW) -- McData stock fell more than 19 percent Friday after the data storage company said first-quarter results missed previously reduced expectations because of an order reduction from its largest customer, EMC.

Shares of McData (MCDTA: NASDAQ) lost $2.28 to $9.89 in morning action while EMC lost 37 cents to $11.34.

In a follow-up statement, EMC (EMC: NYSE) said that McData's results do not imply anything about EMC's results. "EMC purchases components and products from a variety of suppliers, and the proportional mix of business among them varies from time to time."

McData, which makes switches and software used in storage area networks, said its revenue suggests the company is being "adversely affected by delayed IT spending in the high-end sector of the storage market, likely a result of the unstable economy and related reduced IT infrastructure spending thus far in 2002, and by a current lack of generally available [2 gigabyte per second] products."

Preliminary results for the quarter ended in March indicate a loss excluding charges of 4 cents to 7 cents a share on revenue of $62 million to $64 million.

On March 5, the company cut its targets to reflect an expected loss of 2 cents to 4 cents a share on revenue of $73 million to $78 million. At the end of the previous quarter, McData said it expected earnings of nil to 2 cents a share on revenue of $85 million to $95 million.

Also, McData is reviewing the need to take any one-time charges.

Analysts surveyed by Thomson Financial/First Call expected a loss of 3 cents a share on revenue of $74.4 million, on average.

Actual results will be announced on April 18. EMC will also publicly announce results on April 18.