Riverbed Technology Shares Down 22% After Earnings Miss Estimates

Shares of Riverbed Technology RVBD are down nearly 22% after the company reported poor earnings. Total GAAP revenue for Q4'11 was $203 million, an increase of 7% from $190 million reported in the third quarter of fiscal year 2011 and an increase of 23% from $165 million reported in the fourth quarter of fiscal year 2010. For fiscal year 2011, GAAP revenue was $726 million, up 32% from $552 million in fiscal year 2010. GAAP net income for Q4'11 was $20 million, or $0.12 per diluted share. This compares to GAAP net income of $19 million, or $0.12 per share, in Q3'11 and $13 million, or $0.08 per share, in Q4'10. GAAP net income for 2011 was $64 million, or $0.38 per diluted share, compared to GAAP net income of $34 million, or $0.22 per diluted share, in 2010. Non-GAAP revenue for Q4'11 was $204 million, an increase of 7% from $191 million reported in Q3'11, and an increase of 23% from $165 million reported in Q4'10. For fiscal year 2011, non-GAAP revenue was $728 million, up 32% from $552 million in fiscal year 2010. Non-GAAP net income for Q4'11 was $41 million, or $0.25 per diluted share. This compares to non-GAAP net income for Q3'11 of $40 million, or $0.24 per diluted share, and non-GAAP net income for Q4'10 of $32 million, or $0.19 per diluted share. Non-GAAP net income for 2011 was $150 million, or $0.90 per diluted share, which compares to non-GAAP net income of $92 million, or $0.59 per diluted share in 2010.