Market Being Tough on Almost Entire Networking Space - Acme Packet (APKT) Selling Off in After Hours Despite Earnings Beat

There has been a sour taste in this general space with the likes of F5 Networks (FFIV) and Riverbed Technology (RVBD) the past 48 hours.  While these companies are not exactly 'related' perfectly they all fall under a wide umbrella called 'networking', and Acme Packet is the latest to report this afternoon.  Despite a 2 cent beat, and $2M+ beat on the top line, the company is off another $3 $5 from the level it closed at - which was a substantial loss in itself.

Expectations were $76.9M in revenue and 27 cents EPS.

Full report here.

• Total revenue in the second quarter of 2011 was $79.7 million, compared to $53.3 million in the second quarter of 2010 and $74.0 million in the first quarter of 2011. 
• Net income in the second quarter of 2011 was $14.0 million, or $0.20 per share, compared to $9.7 million, or $0.14 per share, in the second quarter of 2010 and $13.7 million, or $0.19 per share, in the first quarter of 2011. Net income on a non-GAAP¹ basis in the second quarter of 2011 was $20.4 million, or $0.29 per share, compared to $12.5 million, or $0.19 per share, in the second quarter of 2010, and $18.9 million, or $0.27 per share, in the first quarter of 2011. 

Guidance was also raised (slightly) for the year - part of it being this quarter's better than expected report.

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