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Riverbed Technology Q3 Earnings Meet Expectations

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Riverbed Technology, Inc. (NASDAQ: RVBD) reported financial results Thursday for its third quarter fiscal 2014 ended September 30, 2014.

Non-GAAP revenue for Q3 was $277 million, below the average estimate of $286 million and an increase of 4 percent compared to $265 million in Q3 2013.

Non-GAAP net income for Q3 was $48.7 million compared to non-GAAP net income of $43.3 million in Q3 2013.

Non-GAAP earnings were $0.30 per diluted share, in-line with estimates, compared with $0.26 per diluted share in Q3 2013, representing a 15 percent increase year-over-year.

GAAP results included adjustments for one-time items and for Q3 was $276 million, compared to $262 million last year, representing 6 percent year-over-year growth. GAAP net income was $11.5 million, or $0.07 per diluted share, compared to GAAP net income of $3.8 million, or $0.02 per diluted share,last year.

“Our third quarter financial results were in-line with our revised guidance. While we are not satisfied with our top line performance, we are pleased to see steady growth in our SteelFusion and SteelCentral businesses,” said Jerry M. Kennelly, chairman and CEO. “Our ongoing focus to gain increased operating leverage is evident in our Q3 results, delivering earnings per share in-line with our expectations. We’ve started to execute our previously announced restructuring plans to drive further operational improvements and remain committed to delivering profitable growth and enhancing shareholder value.”

Riverbed Technology, Inc. traded at $18.70 afterhours, up 0.43 percent.

Posted-In: Jerry M. KennellyEarnings News After-Hours Center

 

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