Barracuda Networks (CUDA) Tops Q2 EPS by 1c

Barracuda Networks (NYSE: CUDA) reported Q2 EPS of $0.10, $0.01 better than the analyst estimate of $0.09. Revenue for the quarter came in at $78.5 million versus the consensus estimate of $78.56 million.

"We now have more than 261,000 active subscribers and this quarter's dollar-based renewal rates were 95.1%. In the second quarter, gross billings grew to $98.4 million, up 4% sequentially and up 14% year-over-year in constant currency. The currency environment and longer sales cycles which we experienced in EMEA in Q2 impacted our gross billing performance this quarter. Our storage category billings grew in the mid-twenty percent range year-over-year on a constant currency basis in Q2. However, we do see some evidence that growth in the overall storage market has slowed and that customer requirements are evolving, and we are adjusting our approach accordingly," said BJ Jenkins, President and CEO.

"Further, we are excited about our pending acquisition of Intronis because it will significantly expand our presence with managed service providers, and enables Barracuda to reach more of the market, by offering storage and security solutions the way customers want to consume them."

"During the quarter, we achieved 14% year-over-year growth in revenue and delivered better than expected bottom-line results by executing on our business model," said David Faugno, CFO. "In the quarter, non-GAAP operating income grew 22% year-over-year to $8.1 million, representing 10.3% of total revenue."

For earnings history and earnings-related data on Barracuda Networks (CUDA) click here.

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