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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."

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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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