Dot Hill Systems Corp. (Nasdaq:HILL) shares lost about 17% Thursday after the Carlsbad, Calif.-based company revised its 2008 second quarter guidance earlier in the day to include a larger net loss. The network storage system company expects a net loss between $0.12 and $0.16 per share, compared with earlier estimates for a loss of $0.07 to $0.10 per share. The company said the increased net loss was due to lower-than-expected product margins and higher-than-expected expenses.

Shares were down 16.89% to $2.51 apiece, compared with Wednesday’s close of $3.02.

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