Brocade Getting Crushed After Reporting Earnings (BRCD)

Brocade Communication Systems (NASDAQ: BRCD) has just released their fiscal Q1 results. The company reported GAAP net income of $51.1 million or $0.11 per share, compared to a loss of $23.9 million or $0.06 per share in the year-ago quarter. Non-GAAP net income came in $94 million, or $0.19 per share, compared to $63.6 million or $0.15 in last year's corresponding quarter. Brocade generated $539.5 million in revenue for the quarter. Wall Street analysts had been projecting that the company would earn EPS of $0.15 on revenues of $548.43 million.

Although Brocade (BRCD) beat analysts earnings per share estimates, which are based on the non-GAAP numbers, they did not meet expectations with their top line revenue. As a result, the stock is getting crushed in the after hours. BRCD shares have lost over 10% in the after hours trading session and are currently trading at $6.27.