Brocade Communications Systems Earnings: Here’s Why the Stock is Down Now
Brocade Communications Systems, Inc. (NASDAQ:BRCD) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1%.
Brocade Communications Systems, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.21 in the quarter versus EPS of $0.20 in the year-earlier quarter.
Revenue: Rose 5.01% to $588.73 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Brocade Communications Systems, Inc. reported adjusted EPS income of $0.21 per share. By that measure, the company beat the mean analyst estimate of $0.16. It beat the average revenue estimate of $575.62 million.
Quoting Management: “Brocade achieved record revenue in Q1 based on strong performances in both our storage and IP networking businesses,” said Lloyd Carney, CEO of Brocade. “As the new CEO, it is my top priority to ensure that the company continues to execute well in our core businesses to drive growth and shareholder value. Looking forward, I see new opportunities emerging in the networking industry due to disruptive IT market trends that are challenging the capabilities of today’s networks. It is clear that customers are looking for new technologies and approaches in networking to meet these challenges. I am excited and honored to navigate the company forward, delivering on these customer requirements in a way that drives top-line revenue through both innovation and operational efficiency.”
Key Stats (on next page)…