Riverbed Technology Plummets After Q2 Results (RVBD)
Riverbed Technology (NASDAQ: RVBD) released its fiscal second-quarter earnings results after the closing bell on Tuesday.
The company reported earnings per share that were in-line with Wall Street estimates, while revenue missed expectations. In late trading, Riverbed was last down more than 15 percent to $14.87.
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“Total non-GAAP revenue increased twenty-eight percent year-over-year, with growth across all major product lines, geographies, and verticals,” said Jerry M. Kennelly, chairman and CEO. “Riverbed's core revenue, excluding OPNET, grew 7% sequentially to $215 million in the second quarter. Non-GAAP revenue from the acquired OPNET products was $40 million, as we still have work to do integrating the two companies,” continued Kennelly.
“Our market expanding products outside of WAN optimization and OPNET grew almost 50% compared to last year, and we believe our multi-product strategy to deliver unmatched application performance will allow us to accelerate the company's revenue growth.”
Q2 Financial Results
The company reported a net loss of $16.5 million or $0.10 per share, compared to net income of $18.1 million or $0.11 per share, in last year's second-quarter.
On an adjusted basis, which is comparable to analysts' consensus, Riverbed reported net income of $36.6 million or $0.22 per share. This was in-line with analysts' consensus EPS estimates.
Total revenue in the period was $250 million versus $198 million a year ago. Non-GAAP revenue was $255 million compared to $199 million last year. This missed analysts' consensus revenue estimates of $257.71 million.
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