Gigamon (GIMO) Tops Q3 EPS by 5c; CFO Jackson Resigns

October 27, 2016 4:42 PM EDT
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Gigamon (NYSE: GIMO) reported Q3 EPS of $0.36, $0.05 better than the analyst estimate of $0.31. Revenue for the quarter came in at $83.5 million versus the consensus estimate of $79.56 million.

Gigamon also announced that Mr. Rex S. Jackson is joining the company as chief financial officer, effective today. Rex previously served as CFO for four public companies including Rocket Fuel, JDS Uniphase, Symyx and Synopsys. His financial, strategic and operational experience managing both small and large enterprises across hardware, software and services, extend the breadth and depth of Gigamon's leadership team.

"We are excited to have Rex's proven financial leadership on the Gigamon team, as we continue to scale our business and execute our growth strategy," said Gigamon's chief executive officer, Paul Hooper. "His experience makes him ideally suited to assume the role of Gigamon's CFO as we capitalize on new opportunities."

Mike Burns, Gigamon's CFO since July 2014, has agreed to stay on in an advisory role to ensure a seamless transition before pursuing his next career opportunity. Mr. Hooper stated, "I would like to thank Mike for his steady financial leadership and consistent execution on our compelling software-centric profit model. He has built a strong and stable finance team at Gigamon, and we all wish him continued success in the future."

"It has been a privilege to partner with Paul and the entire Gigamon team to help deliver sustainably high profits and outstanding returns to shareholders, as we continue to monetize our innovative platform," said Mr. Burns. "I am confident exciting days are ahead for Gigamon, as the company is well-positioned to capture share in the security, mobility and cloud markets."

For earnings history and earnings-related data on Gigamon (GIMO) click here.

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