Brocade (BRCD) Drops As Q3 Revenues Fall Short of Expectations
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Brocade Communications (Nasdaq: BRCD) is falling 3.7% in after-hours action Thursday following mixed third quarter results, showing a bottom-line 'beat' but a top-line 'miss'.
The network company reported Q3 EPS of $0.12 adjusted, 1 cent better than the analyst estimate of $0.11 but down from $0.16 last year. Revenues grew 35% to $493.3 million, but was slightly below the consensus of $503.67 million and was also below the 'street low' estimate of $496 million.
Broacde CEO Michael Klayko said, "We are very pleased with our financial performance which delivered a 35 percent year-over-year revenue growth and a healthy sequential increase in gross margins during a seasonally and economically challenging quarter. The traction Brocade has made in both new and existing partnerships, the opportunities we see in our core markets, combined with our continued product and technology innovation all demonstrate that we are executing on our well-defined strategy and make us optimistic for both the near- and long-term future."
UPDATE: Click here to see some highlights from Brocade's Q3 conference call.
The network company reported Q3 EPS of $0.12 adjusted, 1 cent better than the analyst estimate of $0.11 but down from $0.16 last year. Revenues grew 35% to $493.3 million, but was slightly below the consensus of $503.67 million and was also below the 'street low' estimate of $496 million.
Broacde CEO Michael Klayko said, "We are very pleased with our financial performance which delivered a 35 percent year-over-year revenue growth and a healthy sequential increase in gross margins during a seasonally and economically challenging quarter. The traction Brocade has made in both new and existing partnerships, the opportunities we see in our core markets, combined with our continued product and technology innovation all demonstrate that we are executing on our well-defined strategy and make us optimistic for both the near- and long-term future."
UPDATE: Click here to see some highlights from Brocade's Q3 conference call.
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