Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of networking specialist Riverbed Technology
So what: Revenue came in at $199 million with adjusted earnings per share of $0.26. The company also provided strong guidance for the third quarter, with sales expected between $214 million and $219 million. Third-quarter earnings should be $0.25 to $0.26 per share. Both forecasts for next quarter top analysts' best guesses.
Now what: Importantly, product revenue growth reaccelerated to 11%, up from 4% last quarter. Riverbed's expansion into other markets like network performance management and application delivery controllers is ramping up quickly. The Stingray business is growing faster than management expected, crossing the $20 million revenue threshold in three quarters. Riverbed also announced an important partnership with Juniper Networks
Interested in more info on Riverbed Technology? Add it to your watchlist by clicking here.
Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Riverbed Technology. Motley Fool newsletter services have recommended buying shares of Riverbed Technology. Motley Fool newsletter services have recommended creating a stock position in Riverbed Technology. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.