Redback Networks Exceeds Lowered Consensus Forecast

Redback Networks(RBAK Quote) slightly topped analysts' dramatically lowered bottom line estimates for the first quarter, but revenue still registered a significant increase compared with the year-ago period.

The San Jose, Calif., networking concern lost $18.4 million, or 13 cents a share, in the period. Fifteen analysts polled by Thomson Financial/First Call were expecting Redback to lose 15 cents a share in the period. Wall Street had been expecting the company to post earnings of 4 cents a share, before Redback warned earlier this month that it expected to post a loss of 15 cents. The company earned a penny in the year-ago period. ...