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Riverbed Technology Reports Second Quarter 2012 Results

Stocks in this article: RVBD

Riverbed Technology, Inc. (NASDAQ:RVBD), the performance company, today reported financial results for its second quarter ended June 30, 2012 (Q2'12).

GAAP revenue for Q2’12 was $198 million, an increase of 9% compared to $182 million in the first quarter 2012 (Q1’12) and an increase of 17% compared to $170 million in the second quarter 2011 (Q2’11). GAAP net income for Q2’12 was $18 million, or $0.11 per diluted share, compared to $7 million, or $0.04 per diluted share, in Q1’12 and $11 million, or $0.07 per diluted share, in Q2’11.

Non-GAAP revenue for Q2’12 was $199 million, an increase of 9% compared to $183 million in Q1’12 and an increase of 17% compared to $170 million in Q2’11. Non-GAAP net income for Q2’12 was $37 million, or $0.23 per diluted share, compared to $33 million, or $0.20 per diluted share, in Q1’12 and $35 million, or $0.21 per diluted share in Q2’11.

“We executed well in the second quarter, driving stronger sales of our new Steelhead and Cascade platforms, demonstrating continued demand for performance-improvement technologies,” said Jerry M. Kennelly, Riverbed president and CEO. “Revenue grew across all major geographies and revenue growth accelerated across our core product offerings. Looking forward, we believe our expanded product offerings and partnerships will further extend our reach to new customers and market segments.”

Business Highlights

  • Introduced new Steelhead® 150 appliance and Virtual Steelhead 150 targeting emerging markets and locations with fewer employees.
  • Delivered industry-first capabilities to Stingray™, extending the benefits of application delivery controller (ADC) to include Aptimizer web content optimization (WCO). Stingray is the first ADC with integrated WCO.
  • Riverbed Steelhead Cloud Accelerator named the Best of TechEd Award winner in the Cloud Computing category.
  • Announced another collaboration with VMware using Riverbed Steelhead to accelerate virtual machines (VMs) moving between clouds -- private, public and hybrid -- with VMware vCloud® Connector.
  • Showcased next-generation storage architecture with Riverbed Granite™ and EMC storage solutions for globally distributed enterprises looking to achieve the highest levels of consolidation.
  • Received certification under the J.D. Power and Associates Certified Technology Service & Support (CTSS) program and the Technology Service Industry Association's (TSIA) Excellence in Service Operations. Riverbed is one of a select few companies to receive this distinction for global certification under both the J.D. Power and Associates CTSS and the TSIA Excellence in Service Operations program in the same year, for two consecutive years.
  • Recognized by the San Francisco Business Times, Silicon Valley/San Jose Business Journal and its employees as one of the Best Places to Work in the San Francisco Bay Area for the third consecutive year.

Separately, Riverbed announced today a new technology partnership with Juniper Networks in wide area network (WAN) optimization, application delivery and mobility to deliver market-leading technologies for enterprises looking to increase the efficiency of their IT infrastructures and securely deliver better performance of applications across mobile devices, networks and clouds.

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