Even after cutting its financial earnings outlook earlier this year, Riverbed still missed the mark.
Riverbed reported first quarter earnings of $7 million, or 4 cents a share (statement). Non-GAAP earnings were 20 cents a share on a revenue of $183 million.
Wall Street was expecting Riverbed to report first quarter earnings of 20 cents a share on revenue of $186.1 million.
In January, Riverbed reduced its outlook for the year, instead expecting 18 percent to 22 percent revenue growth in the second, third and fourth quarters.
Riverbed CEO and president Jerry M. Kennelly commented in prepared remarks:
"In a seasonally difficult quarter, we completed a major product cycle and achieved results within our guidance range.
Looking ahead, we expect our new Steelhead, Granite, and Cascade products, along with Stingray and Whitewater, to form the basis for Riverbed's next leg of growth as we continue to execute on our vision to deliver a complete performance platform. Our competitive position is strong, our addressable market is growing, and we are optimistic about the opportunity before us.
For the second quarter, Wall Street is expecting Riverbed to report earnings of 23 cents a share on revenue of $202.04 million.
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- Unveiled a new framework for its worldwide Riverbed Partner Network program designed to accelerate partnership momentum and increase channel partners' performance across the entire Riverbed Performance Platform
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