Aerohive Networks (HIVE) Reports Prelim. 4Q Revenues Below Previous Guidance & Consensus Estimates

January 16, 2018 4:19 PM

Aerohive Networks™ (NYSE: HIVE) today announced preliminary results for the fourth quarter ended December 31, 2017.

As of the end of the fourth quarter of 2017, the Company’s cash, cash equivalents and short-term investments totaled $85 million.

“We delivered non-GAAP operating profitability in our fourth quarter but were disappointed that our revenue was below our prior guidance,” stated David Flynn, President and Chief Executive Officer. “Following the change in our sales leadership at the end of our third quarter, we uncovered underlying sales execution issues which became fully apparent in the last month of the fourth quarter. We have taken actions to replace underperforming sales team members, and we believe that the new people we have been putting in place, combined with other actions, will enable us to capitalize on our improved product offering and exciting roadmap in 2018.”

During the fourth quarter of 2017, Aerohive achieved significant milestones:

In 2018, Aerohive expects to benefit from:

These preliminary, unaudited results are based on management's initial review of operations for the fiscal year and fourth quarter ended December 31, 2017 and remain subject to completion of the Company's customary year-end and quarterly closing and review procedures.

There will not be a conference call in conjunction with this press release.

Fourth Quarter and Fiscal Year 2017 Conference Call to be held on February 8, 2018

Aerohive Networks will release final results for the fourth quarter and fiscal year ended December 31, 2017 in its regularly scheduled earnings release and conference call after the U.S. markets close on Thursday, February 8, 2018. The conference call and live webcast for analysts and investors will take place at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) that day. The call may be accessed by dialing 719-325-2170 and providing the passcode 1825507. A live and archived audio webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at http://ir.aerohive.com.

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