Shares of Netlist Inc. (Nasdaq: NLST) fell $0.86, or 14.4%, to $5.11 in after-hours trading Monday after the memory subsystems manufacturer issued a lower-than-expected revised first-quarter guidance. Irvine, Calif.-based Netlist said it now expects to report earnings per share of $0.02 to $0.03 per share on revenue of $37 million to $38 million. The firm had previously issued guidance of $0.07 to $0.08 per share on revenue of $40 million to $42 million. Three analysts polled by Thomson First Call were expecting earnings per share of $0.08 on revenue of $41.2 million for the quarter ended March 31. Netlist CEO Chuck Hong cited operating expenses and decreased customer demand for the revised guidance.