Riverbed Technology posts 1Q loss on items
Computer network gear maker Riverbed Technology slips to 1Q loss on deal, compensation items
SAN FRANCISCO (AP) -- Riverbed Technology Inc., which makes computer network equipment, fell to a first-quarter loss on expenses related to an acquisition.
The company's adjusted earnings and quarterly revenues came in below Wall Street's expectations and its stock was down almost 7 percent in after-hours trading. The company cited weak government spending and general economic softness.
Riverbed said Monday that it lost $8.1 million, or 5 cents per share, compared with net income of $6.9 million, or 4 cents per share, a year earlier.
Excluding costs tied to the acquisition of Opnet, stock-based compensation and other items, Riverbed said it would have earned 23 cents per share, up from 20 cents per share a year ago.
Revenue increased 35 percent to $246.1 million from $182.4 million a year ago, helped by the acquisition. The share of revenue from the Americas jumped to 65 percent from 57 percent a year earlier.
Analysts expected adjusted earnings of 24 cents per share on revenue of $261.6 million, according to a FactSet survey.
The shares fell 4 cents to $14.85 in regular trading before the release of the earnings report. During after-hours trading, they were down $1.03 at $13.82.
