Infoblox Beats Q1 Estimates, Shares Surge 10%

Infoblox Inc BLOX reported its financial results Tuesday for its first fiscal quarter and beat analyst estimates. Shares spiked approximately 10 percent following the news.

Total net revenue for the first quarter of fiscal 2015 was a record $66.7 million, above estimates of $64.47 million and an increase of 5 percent on a year-over-year basis.

The company reported non-GAAP net income of $3.0 million, or $0.05 diluted net income per share on a non-GAAP weighted-average share basis, above estimates of $0.03 and below the non-GAAP net income of $7.1 million, or $0.12 diluted net income per share on a non-GAAP weighted-average share basis, reported for the first quarter of fiscal 2014.

"We were pleased with our execution in the quarter, and our ability to deliver top- and bottom-line results that exceeded our expectations," said Robert Thomas, president and chief executive officer of Infoblox. "During the quarter, we made good progress in new customer acquisition and added some marquee names. The EMEA region also helped drive our performance and was up 14 percent year-over-year. Finally, both our security and private cloud offerings also performed well, with revenue up quarter-over-quarter. We believe Infoblox is well positioned to maintain its momentum in Fiscal 2015, due to a combination of ongoing demand for our DDI solutions, along with a growing pipeline of security and private cloud opportunities."

For the second fiscal quarter ending January 31, 2015, the company expected total net revenue in the range of $66.5 million to $68.5 million and non-GAAP diluted net income per share ("non-GAAP EPS") to be in the range of $0.04 to $0.05, assuming approximately 59 million shares on a non-GAAP diluted weighted-average share basis, both inline with estimates.

Infoblox traded at $18.00 in the after-hours session, up 6.57 percent.