Network and data services provider Infoblox Inc. (BLOX: Quote), Thursday reported a loss for the third quarter that narrowed from last year, driven by a surge in revenues. On an adjusted basis, the company posted a profit that came in ahead of analysts' expectations. Following the news, shares of Infoblox rose over five percent on the Nasdaq.
This for the first time that Infoblox is reporting its financial results after going public last month. Santa Clara, California-based Infoblox had raised $120 million in its IPO last month, by selling 7.5 million shares at $16 a share.
Infoblox net loss for the third quarter narrowed to $1.0 million or $0.07 per share from $3.1 million or $0.31 per share in the year-ago quarter.
On an adjusted basis, net income for the third quarter was $2.2 million or $0.05 per share, compared to a net loss of $1.0 million or $0.03 per share last year. On average, six analysts polled by Thomson Reuters expected earnings of $0.01 per share. Analysts' estimates typically excludes special items.
Chief Executive Robert Thomas said, "Infoblox had a strong third quarter, which reflected solid performance across key areas of the company. In the quarter, we saw strong demand from both new and existing customers for our automated network control solutions, and we introduced new products designed to extend Infoblox's competitive lead."
Infoblox's total revenues grew 37 percent to $43.4 million from $31.8 million last year. Four Wall Street analysts on a consensus expected revenue of $41.44 million for the quarter.
Financial Chief Remo Canessa said, "Strong sales in the Americas helped us achieve record revenue, and we experienced growth in non-GAAP operating profitability. The completion of our initial public offering made our balance sheet significantly stronger, as we exited the quarter with $157.4 million in cash and cash equivalents."
Looking forward to the fourth quarter, Infoblox expects adjusted earnings in a range of breakeven per share to $0.01 per share, with total revenues of $42.5 million to $44.0 million. Analysts currently expect breakeven per share on revenues of $42.06 million for the fourth quarter.
BLOX closed Thursday's trading at $18.56, up $0.62 or 3.46%. In after-hours trade the stock further gained $0.94 or 5.06%.
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by RTT Staff Writer
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