So, first let’s start with the financial highlights for the quarter, we saw we delivered revenue about 107.8 million this quarter reflecting a reasonably solid growth of $8.4 million or about 8% year-on-year. This is slightly below our expected range to the shift in the product strategy within our largest technology plans some things are coming forth, some things are going back. Excluding revenue for this plan, we grew about 12% year-on-year. So, we are beginning to see that the diversification effort of our revenue base into new vertical markets and offerings is really beginning to take hold.
We’re successfully delivering on that goal and now that our investments in sales and marketing are paying off, we expect this to continue. Overall, technology is still a strong market for us and more diverse revenue across verticals and offerings to build on as well.
Total gross margin was about 31.5% reflecting on-going improvement from last quarter, and growth from last year in constant currency. As a reminder, from a profit standpoint, we prefer a stronger U.S. dollar. In fact, but it is an evidence on the statement our analysis shows that a 60% conversion of incremental revenue to operating profit year-on-year in constant currency, we operate about 27 currencies around the world. So, we have an internal analysis that shows at constant currency conversion rate.
To our cost management actions are starting to have a positive impact on profitability as we began to generate top line growth. Q3 GAAP earnings were about $0.04 reflecting a profit increase of $6.2 million or $0.10 a share year-on-year despite the currency headwind. This reflects the benefits of increased revenue volume, improving margins, lower restructuring expense and better other expense FX management below the line year-on-year. So, on a sequential basis we kept earnings relatively flat despite of course the seasonally lower revenue that happens in Europe during Q3.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV