Non-GAAP results exclude stock-based compensation, restructuring charges and litigation settlements.
After I review our fiscal Q4 financial results, I will turn the call over to Oscar for an update on the business and our strategy. We will then open up the call for Q&A.
Q4 fiscal 2012 revenue was $87.6 million, which was up $14.3 million or 19% sequentially from Q3, and within the guidance provided early in the quarter of $82 million to $90 million. Product revenue was $72.5 million, an increase of $14.5 million sequentially, and service revenue was $15.1 million, a decrease of $0.3 million sequentially.
The Americas revenue was $38.2 million and is down 10% from Q4 FY '11. Sequentially, The Americas increased 29%, more than making back the decline in Q3 from Q2. The Americas were our strongest performing region this fiscal year despite customer delays in some North American opportunities.EMEA revenue was $36.9 million, which grew 13% over Q4 FY '11. On a quarter-over-quarter basis, EMEA increased by 17%. Asia Pacific revenue was $12.5 million and decreased by 16% compared to the year-ago quarter. Asia Pacific revenue increased sequentially from Q3 FY '12 by 3%. During the quarter, we added new sales leadership in our Asia Pacific team, and we are hiring new account managers and sales engineers in various locations in the region and are already seeing increased quoting activity. Overall GAAP and non-GAAP gross margins were 56%, a slight decline from the third fiscal quarter of 56.4%. Product gross margin percentage dropped slightly sequentially, primarily due to a higher mix of campus edge products in a one-off strategic deal. We believe our new products for the data center and supply chain cost reductions will positively impact gross margins moving forward. GAAP operating expenses increased by $4.8 million in Q4 from Q3, and non-GAAP operating expenses increased in Q4 by $4.6 million from Q3 FY '12 to $41.9 million. The 2 primary areas that contributed to this increase in expenses were: Higher sales commissions expense in that sales area related to increased revenue; and higher R&D program expense related to the release of some of our new products that Oscar will talk about in a few minutes. Read the rest of this transcript for free on seekingalpha.com
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