|Riverbed CEO Jerry Kennelly|
SAN FRANCISCO ( TheStreet) -- Shares of Riverbed Technology ( RVBD) surged late Wednesday after the networking specialist shrugged off economic worries to report record third-quarter revenue and earnings. A rival of Cisco ( CSCO) and Juniper ( JNPR), Riverbed brought in revenue of $190 million, a 28% hike from the same period last year when sales totaled $148 million. Analysts surveyed by Thomson Reuters were looking for revenue of $185.31 million.
Excluding items, Riverbed earned $40 million, or 24 cents a share, in the three months ended in September, up from a year-ago profit of $27 million, or 17 cents a share. Wall Street was expecting earnings of 21 cents a share. Investors responded positively to the numbers, pushing Riverbed's shares up $2.58, or 11.46%, to $25.10 in extended trading. "We are very pleased with our third-quarter financial results," explained Jerry Kennelly, the Riverbed CEO, in a statement released after market close. "We were able to generate record revenue and strong sequential and year-over-year growth against the backdrop of an uncertain economy." Riverbed, which builds devices to of improve traffic running over Wide Area Networks (WANs), also exited the third quarter with $559 million in cash. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org