Brocade Communications Systems topped analyst estimates in the first quarter.
After market close Wednesday, the maker of switches and other devices for storage area networks reported fiscal first-quarter net income of $32.5 million, or 13 cents per share, on revenue of $165 million. Analysts surveyed by earnings tracking firm First Call produced a consensus forecast calling for a profit of 12 cents per share on revenue of $162.5 million for Brocade's quarter ended Jan. 27.
"Brocade's fundamentals continue to be robust," CEO Greg Reyes said, during a Wednesday conference call with analysts.
Shares of Brocade traded at $45.25 in Wednesday's after-hours activity immediately following the news. Brocade stock fell 19 cents to $44.69 in Wednesday's regular trading, ahead of the earnings report.
First-quarter revenue increased 286 percent year-over-year and 25 percent sequentially. Deferred revenue increased to $9.1 million from $2 million at the end of the fourth quarter. The company ended the quarter with $211 million in cash, up $56 million from the end of October.
Brocade said its revenue share of the market for storage area network infrastructure rose 2 percent to more than 61 percent.
• Brocade bucks sell-off thanks to strong earnings, outlook
• Brocade jumps after analyst sets "buy" ratings
• THE DAY AHEAD: Kumar vs. Brocade: Who's right?>