Radware Ltd. (RDWR) Prelim. Q3 Results Miss Views

October 10, 2016 6:38 AM EDT
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Radware® (Nasdaq: RDWR) announced preliminary results for the third quarter of 2016. Revenues for the quarter are expected to be approximately $47 million, below the company’s guidance provided on July 26, 2016, of $50 million to $53 million. Non-GAAP earnings are expected to be $0.04 per diluted share, compared to guidance of $0.07 to $0.09 per diluted share.

*** The Street sees Q3 EPS of $0.08 and revenue of $51.7 million.

“Our bookings in the third quarter grew by double digits compared to the third quarter of 2015, as the shift towards an increased proportion of service and subscription sales accelerated during the quarter,” said Roy Zisapel, Radware’s President & CEO. “This resulted in an approximately 30% increase in the balance of total deferred revenues and uncollected billed amounts, to approximately $110 million from $85 million in September 2015. As our business continues to transition to an increased proportion of long-term subscription and service contracts, this has a current impact of lowering reported revenues. Therefore, despite strong growth in bookings, revenues for the third quarter of 2016 fell short of our guidance. I remain confident in Radware’s growth prospects.”

Radware plans to report its full financial results and provide more details for its third quarter 2016 on Tuesday, November 1, 2016, prior to the market open.

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