It's been a tough road the past few months for networking companies, as worries about a slowing economy and lower technology spending have weighed on the group. A few high profile names also missed their numbers last quarter, or provided uninspiring guidance. This has wrecked a lot of charts, including that of Riverbed Technology (RVBD). Last evening, the company reported a good set of numbers, and the stock is amongst the upside leaders today.
For the quarter, the company posted revenue of $191 million and non-GAAP profits of 24 cents a share, ahead of the Street at $185.3 million and 21 cents. Revenue was up 28% from a year ago.
For Q4, the company sees revenue of $198 million to $202 million, and non-GAAP profits of 24-25 cents a share, ahead of the Street at $199.5 million and 23 cents.
The company also bought back $20 million of its common stock in the latest quarter.
Thursday, October 20, 2011
Riverbed Technology (RVBD) Pleases the Street
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