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SMALL BUSINESS
Riverbed Technology posts 3Q beat
AP
SAN FRANCISCO -Corporate data network manager Riverbed Technology said Thursday it posted a third-quarter profit, reversing a loss a year ago and beating expectations, as revenue grew but costs were held in check.
Net profit in the three months to Sept. 30 hit $5.5 million, or 8 cents per share, compared to a net loss of $12.4 million, or 17 cents per share a year ago.
Adjusted for one-time items such as stock-based compensation, the company said it earned 19 cents per share.
Revenue grew 18 percent to a record $102 million.
Analysts surveyed by Thomson Reuters expected earnings of 15 cents per share on revenue of $97 million.
Chief Executive Jerry Kennelly said management was pleased at the results "against the backdrop of a still challenging global economy."
Shares rose 38 cents, or 1.6 percent, to $23.98 in after-hours trading after closing Thursday unchanged at $23.60.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-22 18:21:22
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