Thursday, IT infrastructure provider Riverbed Technology Inc. (RVBD), reported a profit for the third quarter compared to a loss last year, helped by higher revenues. The company's earnings per share beat Wall street expectations by 4 cents.
The San Francisco, California based company reported third-quarter net income of $5.47 million compared to net loss of $12.42 million last year. Earnings per share was $0.08, compared to loss per share of $0.17 reported for the same quarter of the prior year.
Non-GAAP net income increased 32% to $14.49 million or $0.19 per share from $10.99 million or $0.15 per share last year. On average, 25 analysts polled by Thomson Reuters expected the company to report a profit of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the third quarter increased to $102.05 million from $86.55 million a year ago. On a non-GAAP basis, revenue was $102.6 million, an increase of 18% from $86.5 million in the comparable period one-year ago. Analysts expected the company to report revenue of $97.07 million for the third quarter.
While the sale of Products contributed $69.53 million compared with $65.23 million last year, Support and Services contributed $32.51 million compared with $21.31 million a year-ago.
Contribution from domestic sales were higher at $58.26 million for the quarter, up from $54.28 million last year, while the revenues from Europe, Middle East and Africa increased to $25.75 million from $20.47 million last year.
For the nine months, the company reported net income of $6.15 million or $0.09 per share, compared with a loss of $12.65 million or $0.18 per share for the same period last year. Revenues for the nine-month period surged to $281.25 million from $241.12 million last year.
RVBD closed Thursday's regular trade at $23.60, flat from the previous day's closing price on the Nasdaq. In after hours trading, shares gained 20 cents.
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