Fusion-IO Earnings: Downbeat Forecast Steals Quarterly Thunder
Fusion-IO, Inc. (NYSE:FIO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. Despite the strong report, Fusion-IO said it expects to report revenue of $80 million, while analysts surveyed by FactSet forecast sales of $137.1 million. Shares are down 18.02%.
Fusion-IO, Inc. Earnings Cheat Sheet
Results: Net income increased to $1.7 million (13 cents per diluted share) in the quarter versus a net loss of $5.71 million in the year-earlier quarter.
Revenue: Rose 43.35% to $120.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fusion-IO, Inc. reported adjusted net income of 13 cents per share. By that measure, the company beat the mean analyst estimate of $0.08. It beat the average revenue estimate of $120.31 million.
Quoting Management: “The shift to the cloud from traditional IT, and the shift away from mechanical storage to solid state, are twin catalysts to our business. We are well-positioned to capture opportunities as a growing number of customers decide to migrate away from legacy storage and move to the cloud using new memory architectures,” said David Flynn, Fusion-io Chairman and CEO…