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Foundry Networks jumps on 3Q outlook

Newly public networking firm Foundry Networks Inc. (Nasdaq: FDRY) bounded up 18 1/8 to 153 7/8 after it said Tuesday third-quarter revenues should be $36 million to $38 million, topping its own forecasts.

The Sunnyvale, Calif. based firm, which made a 525 percent splash in its dazzling initial public offering just Sept. 28, has yet to garner analyst coverage. The company also said the unexpected revenue will buoy its profits. It did not disclose any earnings per share guidance.

Unlike most companies that have recently gone public, Foundry is actually profitable.Foundry, which makes low-cost switches and routers for computer networks, turned a profit of $3.3 million on revenue of $39.5 million for the six months that ended June 30.

Reuters contributed to this report.