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Violin Memory Gains Big In Extended Session On Q3 Beat

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Violin Memory Inc (NYSE: VMEM) beat results Monday with a narrower than expected third-quarter loss on sequential revenue growth of 17 percent.

The company gained 6.6 percent in Monday's extended session, changing hands at $5.64.

Chief Executive Kevin A. DeNuccio said the company is “growing at a 40 to 50 percent annualized rate while beginning to build a backlog that should further improve our performance going forward.”

The company expected to provide a fourth-quarter outlook in a conference call with analysts who expect a loss of $0.19 per share on revenue of $22.4 million.

Violin's third-quarter adjusted loss widened to $0.19 per share, which beat estimates by a penny.

Third-quarter revenue fell to $21.7 million from $28.3 million a year earlier. Revenue in the recent second quarter totaled $18.6 million.

Wall Street expected revenue of $20.2 million.

 

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