Tuesday, August 13, 2013

Brocade shares spike 16%

Brocade shares spike 16% following Q3 earnings win



Technology Reporter- Silicon Valley Business Journal
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Brocade Communications Systems Inc. shares spiked in after-hours trading after the communications infrastructure company posted net income of $118.7 million, up 174 percent from $43.3 billion a year ago and beating analyst estimates. The stock price was up around 16 percent in immediate after-hours trading.
Earnings per share
Brocade reported earnings of $0.26 a share, up 160 percent from $0.10 cents a year ago. Analysts polled by Yahoo Finance/Thomson Reuters were expecting earnings to come in at $0.12 a share.
Revenue
Brocade reported revenue of $537 million, up 3 percent from last year. Analysts were expecting revenue of $518.4 million.
"The storage market is recovering more quickly than we had anticipated entering our third quarter," said Lloyd Carney, CEO of Brocade, in a prepared statement. "We are making great progress towards our spending-reduction goal and are already seeing the benefits in our financial results and cash flow."
Brocade's cost of revenue fell 7.7 percent to $198.3 million in the third quarter, compared to $214.9 million a year ago.
Read the full earnings report here
Companies: BRCD


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