NEW YORK ( TheStreet) -- Brocade (BRCD - Get Report) was a big winner in pre-market trading after the networking specialist blew past Wall Street's estimates in its fiscal third-quarter results on Tuesday.
The company's shares climbed 12.32% to $7.75 before the market open.
The San Jose, Calif.-based firm reported revenue of $536.6 million, and earnings, excluding items, of 19 cents a share. Analysts were looking for sales of $518.84 million and earnings of 12 cents a share.
"The storage market is recovering more quickly than we had anticipated entering our third quarter and, coupled with continued strong adoption of Gen 5 Fibre Channel, contributed to good Storage Area Networking (SAN) revenue results," said Brocade CEO Lloyd Carney, in a statement released Tuesday after the market close. He also highlighted strong growth in the company's VDX switch revenue, but noted "disappointing" IP networking sales to the federal government."We are making great progress toward our spending-reduction goal, and are already seeing the benefits in our financial results and cash flow," added Carney. For its fiscal fourth-quarter, Brocade expects revenue ranging from $545 million to $565 million and earnings between 17 cents and 19 cents a share. Analysts expect sales of $548.52 million and earnings of 15 cents a share. Shares of Brocade competitor Cisco (CSCO - Get Report), which reports its fiscal fourth-quarter results after the market close, gained 0.3% to $26.40. BlackBerry (BBRY - Get Report) shares rose 2.01% to $11.15, lifted by the company's announcement earlier this week that it is considering strategic alternatives. The Canadian handset maker was also one of the most active pre-market Nasdaq stocks on share volume of 361,613. Apple (AAPL - Get Report) was a more modest gainer, rising 1.17% to $495.30 on share volume of 262,022. The iPhone maker's shares closed up 4.75% at $489.57 on Tuesday after hedge fund giant Carl Icahn announced that he has a big stake in the company. Facebook (FB - Get Report) shares slipped 0.32 % to $36.90 in pre-market trading, while Intel (INTC - Get Report) was off 0.62% at $22.38. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.