Barracuda Networks Swings To Q1 Profit - Update

(RTTNews) - Barracuda Networks Inc. (CUDA), an internet security and data storage products provider, Thursday posted a profit in the first quarter, driven largely by an 18 percent growth in revenues with both earnings and revenues coming in ahead of analysts' estimates.

Campbell, California-based Barracuda reported a first-quarter profit of $151 thousand or breakeven per share, compared to a loss of $2.4 million or $0.09 per share last year.

Adjusted net income for the quarter rose to $3.6 million or $0.07 per share from $708 thousand or $0.02 per share lat year. On average, nine analysts polled by Thomson Reuters expected an earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Barracuda Networks, which went public last November, reported first-quarter revenues of $66.2 million, up 18 percent from $56.2 million last year. Eight analysts had a consensus revenue estimate of $64.38 million for the quarter.

Appliance revenues grew to $20.8 million from $17.5 million, while subscription revenue, which constitutes a chunk of total revenues, grew to $45.4 million from $38.8 million last year.

For the first quarter, gross billings grew 17 percent to $87.6 million from $74.9 million last year.

"We are pleased with our results across all of our markets and product categories in the first quarter, and we believe we strengthened our position as a go-to provider of security and storage solutions that simplify the lives of IT professionals," said CEO BJ Jenkins.

Barracuda provides cloud-based technology products to customers that help them address security threats, improve network performance and protect and store their data.

CUDA closed Thursday's trading at $34.00, up $0.66 or 1.98%, on the Nasdaq. The stock further gained $1.20 or 3.53%, in the after-hours trade.