Riverbed Technology Plunges on Q1 Miss
Riverbed Technology (NASDAQ: RVBD) 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.
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