Galaxy Watch 5 Review Specialty Foods Online 'She-Hulk' Review Disney Streaming Price Hike Raspberry Girl Scout Cookie $60 Off Lenovo Chromebook 3 Fantasy Movies on HBO Max Frontier Internet Review
Want CNET to notify you of price drops and the latest stories?
No, thank you

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.