Barracuda Tumbles Despite Earnings Beat
Barracuda Networks reported better-than-expected fiscal first-quarter results Thursday after the markets closed.
Barracuda Networks Inc. (NYSE: CUDA) reported its fiscal first-quarter results Thursday after the markets closed. The company posted $0.09 in earnings per share (EPS) on $77.97 million in revenue. That compared to consensus estimates from Thomson Reuters for EPS of $0.08 and $77.25 million in revenue. In the same period of the previous year, the company had $0.07 in EPS on revenue of $66.2 million.
Recently, this company was listed once again as number one for total integrated PBBA units sold in IDC’s Worldwide Quarterly PBBA Tracker calendar for the first quarter of 2015.
In this past quarter, Barracuda announced product integrations with Aerohive’s HiveOS devices, including access points, switches and routers, offering customers more granular visibility and security for wireless access, as well as enhanced Barracuda Mobile Device Manager to support both Android and iOS operating systems.
B.J. Jenkins, president and CEO of Barracuda, said:
We delivered revenue and non-GAAP EPS at the top end of our targeted range. During the quarter, we grew total active subscribers, increased gross margin and maintained a 92.5% dollar-based renewal rate, speaking to the underlying strength of our business model.
The chief financial officer, David Faugno, also commented on earnings:
Total billings grew by 12% year-over-year on a constant currency basis. In the quarter, non-GAAP operating income grew 40% year-over-year to $7.4 million, or 9.5% of total revenue.
ALSO READ: 5 Big Defensive Dividend Stocks to Buy Trading at Deep Discounts
At the end of the quarter, Barracuda had cash, cash equivalents and marketable securities of $200.8 million, compared to in its fiscal fourth quarter, when it had $192.1 million.
Shares of Barracuda were down over 20% to $31.12 Friday morning. The stock has a consensus analyst price target of $48.08 and a 52-week trading range of $23.95 to $46.78.
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
