Riverbed satisfies Q1 earnings expectations thanks to profit gains
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Sneaking in quietly among the mixed reception in response to first quarter reports from Twitter and eBay, Riverbed satisfied expectations after the bell on Tuesday.
The networking equipment maker posted a net income of $3.3 million million, or two cents per share (statement) -- a considerable improvement from the $8.1 million loss during the same quarter last year.
Non-GAAP earnings were 24 cents per share on a revenue of $265 million million, up eight percent year-over-year.
Wall Street was looking for earnings of 23 cents per share on a revenue of $265.79 million.
Highlighting its well-performing Application Performance Platform for IT visibility and insights, chairman and CEO Jerry M. Kennelly reflected on the quarter in prepared remarks:
Our first quarter results are a strong proof point supporting our strategy to bring value to our customers by optimizing the delivery of applications and data on a global scale and to deliver profitable returns to our shareholders. Year-over-year revenue growth was led by WAN optimization and strength in enterprise and international sales. We are also very encouraged by our performance management business with increasing revenue from channel partners and significant growth in Europe.
For the current quarter, Wall Street expects Riverbed to report earnings of 27 cents per share on a revenue of $276.41 million.