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Brocade Gains as Profit Beats Analyst Estimates

NEW YORK (TheStreet) - Networking specialist Brocade (BRCD - Get Report) narrowly exceeded Wall Street's estimates for its fiscal fourth-quarter results, released after the close of trading, side-stepping some of the spending pressures that hurt its largest rival, Cisco (CSCO - Get Report).

San Jose, Calif.-based Brocade reported revenue of $559 million, a 3% decline from the same period a year ago, but comfortably above analysts' forecast of $554.3 million. Excluding some items, Brocade earned 24 cents a share, a 41% increase from the same quarter in 2012. Analysts surveyed by Thomson Reuters were looking for earnings of 18 cents a share.

Brocade shares rose 4.39% to $8.45 in extended trading.

"Q4 was a quarter in which we executed successfully across many facets of our business strategy," said Brocade CEO Lloyd Carney, in a statement. "We exceeded expectations for non-GAAP operating margin, non-GAAP EPS, and cash flow despite the U.S. Federal budget issues and continued softness in the overall storage market."

Cisco shares tanked last week after the networking giant missed Wall Street's revenue estimate, weighed down by a weak spending climate, particularly in U.S. Federal and emerging markets. The gearmaker also said that the recent NSA snooping controversy had impacted its business in China.

--Written by James Rogers in New York.

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