MORRISVILLE –  Extreme Networks on Wednesday reported profit of $22.1 million in its fiscal third quarter. And its CEO had a lot of positive things to say as a result.

“Extreme (EXTR) delivered another quarter of record results punctuated by improving supply chain conditions, the strengthening of our competitive position, and solid execution,” said Ed Meyercord stated:. Market share gains were highlighted by 20% growth in bookings from new customers during the quarter, which drove sequential product bookings growth of 6%. The combination of our enterprise cloud and fabric networking solutions delivers a simplified experience for customers and provides our team a competitive advantage in the field. Our funnel of opportunities is up double-digits and we expect higher sequential bookings growth as we head into Q4.

“We believe the improving supply chain and cloud software subscription growth will support an over 20% year-over-year revenue increase in Q4,” he added. “We also expect earnings to more than double year-over-year, on both a GAAP and Non-GAAP basis, driven by gross margin expansion and operating leverage.”

CFO Cristina Tate  pointed out that the company’s “record quarterly revenue and operating profit resulted in another quarter of strong cash flow, which allowed us to repurchase $25 million of stock and reduce our debt by $25 million, lowering our net debt to $34 million. We’ve raised our full year FY23 revenue outlook to 16% year-over-year, which is the midpoint of our guidance. We remain committed to our long-term outlook of mid-teens topline growth and margin expansion through FY25.”

On a per-share basis, the Morrisville, North Carolina-based company said it had net income of 17 cents. Earnings, adjusted for one-time gains and costs, came to 29 cents per share.

The maker of network infrastructure equipment posted revenue of $332.5 million in the period.

For the current quarter ending in June, Extreme Networks expects its per-share earnings to range from 28 cents to 34 cents.

The company said it expects revenue in the range of $340 million to $350 million for the fiscal fourth quarter.

Read the full earnings report online.