CNET también está disponible en español.

Ir a español

Don't show this again

Biden wants Fauci as chief medical adviser: report Watch Arecibo Observatory collapse Stimulus package status Cyberpunk 2077 Another monolith PS5 inventory Spotify Wrapped 2020

Redback Networks delivers record sales, earnings in 1Q

Redback Networks easily beat Street estimates in its first quarter Wednesday, pocketing $5.6 million, or 5 cents a share, on sales of $34.2 million.

First Call consensus expected the network-equipment maker to earn 3 cents a share in the quarter.

Redback (Nasdaq: RBAK) shares closed off 18 3/4, or 16 percent, to 96 ahead of the earnings report. The stock fell another $3 a share in after-hours trading.

In the year-ago quarter, Redback lost $2.7 million, or 16 cents a share, on sales of $6.5 million.

"The first quarter of 2000 was a period of expansion for Redback in the subscriber management market," said CEO Dennis Barsema in a prepared release.

Last quarter, Redback posted its first profitable quarter, earning $2 million, or 4 cents a share, on sales of $26.1 million.

Redback shares hit a 52-week high of 198 1/2 in March after falling to a low of 16 1/4 in June. In between, the stock's twice split 2-for-1.

Twelve of the 13 analysts covering Redback maintain either a "buy" or "strong buy" recommendation on the stock.

First Call consensus expects it to earn 18 cents a share in the fiscal year.