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Brocade's Adjusted Earnings, Sales Top Street View

The Associated Press

SAN JOSE, Calif. (AP) — Technology company Brocade Communications Systems Inc. fell to a loss in its fiscal second quarter on stock-based compensation and other one-time charges, the company said Thursday.

However, excluding special items, the San Jose-based network gear maker topped Wall Street expectations with growing revenue.

The company reported a loss of $63.1 million, or 16 cents per share, for the period ended May 2, compared with a profit of $91.4 million, or 23 cents per share, a year earlier.

Sales grew 43 percent to $506.3 million from $354.9 million.

Without a $40.1 million charge for stock-based compensation and other one-time costs, Brocade said it would have earned $47.1 million, or 11 cents per share.

Analysts, who typically exclude special items, were looking for a profit of 9 cents on sales of $476.4 million, according to a Thomson Reuters poll.

Shares lost 3 cents in premarket trading at $6.20.