Barracuda Networks Beats Q3 Expectations

Barracuda Networks Inc CUDA announced results Thursday for its third quarter of fiscal 2015, which ended November 30, 2014. Total revenue increased 19 percent to $70.4 million, above estimates of $69.98 million and up from $59.4 million in the third quarter of fiscal 2014.

For the third quarter of fiscal 2015, gross billings grew 18 percent to $91.5 million, up from $77.5 million in the third quarter of fiscal 2014.

Appliance revenue in the third quarter of fiscal 2015 increased to $20.7 million up from $18.2 million in the third quarter of fiscal 2014, and subscription revenue grew to $49.7 million in the third quarter of fiscal 2015 up from $41.2 million in the third quarter of fiscal 2014, representing 71 percent of total revenue.

GAAP net loss in the third quarter of fiscal 2015 was $36,000, or $0.00 loss per share, based on a basic share count of 52.1 million.

Non-GAAP net income for the third quarter of fiscal 2015 was $3.2 million, or $0.06 earnings per share, above expectations of $0.05, based on a diluted share count of 54.0 million.

"We delivered another quarter of strong financial performance across all of our major markets and product categories," said BJ Jenkins, president and CEO. "In the third quarter, we added more than 9,300 new active subscribers, bringing our total active subscribers to more than 234,900.”

Barracuda Networks traded at $39.49 in the after-hours session, down 1.64 percent.