Riverbed Technology Crushed After Q4 Earnings Report

Riverbed Technology RVBD released its Q4 earnings results after the closing bell on Thursday. The company reported net income of $20.15 milion or $0.12 per share, compared to $12.61 million or $0.08 per share, in the year ago period. On an non-GAAP basis, which is comparable to analyst's consensus, RVBD reported EPS of $0.25 versus $0.19 per share, in last year's fourth quarter. This compared to analysts' consensus EPS estimates of $0.24. Total revenues for the quarter came in at $202.84 million, up from $165.43 million a year ago. This also exceeded Wall Street consensus revenue estimates of $200.80 million. Despite the narrow beat on both the top and bottom lines, RVBD shares are getting hammered on Friday. The stock has lost 18.52% to $24.36 on very heavy volume. More than 23 million RVBD shares have already traded hands on the day compared to a 3-month daily average of around 3 million. Riverbed Technology, Inc. (Riverbed) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs). Riverbed's products include solutions for branch offices, mobile workers, private data centers, private clouds and cloud computing.