MORRISVILLE – Extreme Networks reported fiscal second-quarter profit of $17.9 million and its CEO hailed the results.
“Extreme (EXTR) delivered another quarter of great results. The continued strength of subscription and accelerated product deliveries drove another quarter of double-digit year-over-year revenue growth,” said CEO Ed Meyercord in a statement. “We are raising our FY23 revenue growth outlook to the high-end of our 10-15% range and expect this momentum to continue into FY24, as the supply chain environment continues to improve.”
On a per-share basis, the Morrisville-based company said it had net income of 13 cents. Earnings, adjusted for one-time gains and costs, came to 27 cents per share.
- MORE COVERAGE: Read the full earnings report online.
“We feel confident in end customer demand. The majority of our bookings are with government, education, and healthcare sectors, where spending is more resilient. Our enhanced fabric and cloud subscription offerings are gaining traction in the marketplace. Finally, we have good visibility for the second half of the year based on the strength of our sales funnel,” Meyercord said.
The maker of network infrastructure equipment posted revenue of $318.3 million in the period.
For the current quarter ending in March, Extreme Networks expects its per-share earnings to range from 23 cents to 29 cents.
The company said it expects revenue in the range of $315 million to $325 million for the fiscal third quarter.
Chief Financial Officer is leaving
Extreme Networks also disclosed that its CFO, Rémi Thomas, “has accepted a position at a privately held software company and will resign from his position at Extreme.”
Thomas steps down as off Feb. 16.
Replacing Thomas on an interim bases is Senior Vice President and head of Financial Planning & Analysis, Cristina Tate.
