Mellanox Technologies Ltd. (MLNX: Quote) Wednesday reported first-quarter net income of $12.4 million or $0.29 per share, compared to a net loss of $1.6 million or $0.05 per share last year.
On an adjusted basis, net income for the quarter improved to $22.0 million or $0.51 per share, compared to $9.2 million or $0.24 per share in the first quarter last year. On average, ten analysts polled by Thomson Reuters expected earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenue for the quarter grew 61.2 percent to $88.7 million from $55.1 million in the first quarter last year. Analysts estimated revenues of $81.62 million for the quarter.
Gross margins for the quarter improved to 67.4 percent from 64.7 percent last year.
Chief Executive Eyal Waldman said, "Our strong quarterly revenue growth reflects the increased penetration of our high-performance InfiniBand and Ethernet interconnect solutions in new markets, in addition to our traditional High Performance Computing market, specifically, the Web 2.0, database, storage and cloud markets."
by RTT Staff Writer
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