NEW YORK (TheStreet) -- Shares of Infoblox (BLOX) were gaining 10.3% to $23.42 Friday after the communication technology company beat analysts' estimates for earnings and revenue in the fiscal second quarter.

Infoblox reported earnings of 9 cents a share for the fiscal second quarter, beating analysts' estimates of 5 cents a share for the fourth quarter. Revenue grew 22% year over year to $74.3 million for the quarter, above analysts' estimates of $68.2 million.

"We are very pleased with our second quarter financial results and our ability to deliver strong product revenue growth," Infoblox President and CEO Jesper Andersen said. "In the quarter, strengthening demand for our DDI, security and cloud solutions drove both year-over-year and sequential revenue growth in all three geographic regions. We also experienced a strong quarter from a new customer acquisition standpoint and added approximately 250 customers."

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Looking to the fiscal third quarter, Infoblox expects earnings of 6 cents to 8 cents a share and revenue of $74 million to $76 million. Analysts expect the company to report earnings of 6 cents a share and revenue of $70.9 million for the quarter.

TheStreet Ratings team rates INFOBLOX INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate INFOBLOX INC (BLOX) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

You can view the full analysis from the report here: BLOX Ratings Report

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