Riverbed Technology Plunges on Q1 Miss

released its fiscal first-quarter earnings results on Monday after the closing bell. In late trading, the stock was down more than 10 percent to $13.30 after Riverbed missed consensus estimates. The company reported a net loss for the first-quarter of $8.1 million or $0.05 per share, compared to net income of $6.9 million or $0.04 per share, in last year's corresponding period. On an adjusted basis, which is comparable to Wall Street consensus, Riverbed reported net income of $39 million or $0.23 per share, versus $33 million or $0.20 per share, last year. This missed street consensus EPS estimates of $0.24 by a penny. Revenue for the quarter was up 35 percent to $246.14 million from $182.41 million last year. Adjusted net revenue was up 38 percent to $252.62 million from $183.24 million in the year ago quarter. This came up short of analysts' expectations of $261.15 million.