NEW YORK (TheStreet) -- Infoblox (BLOX) stock is advancing 19.85% to $18.02 on heavy trading volume on Tuesday morning after the company reported financial results that exceeded expectations for the fiscal 2016 first quarter.
After the market close on Monday, the company posted earnings of 13 cents per share for the quarter ended October 31, more than double the 5 cents per share reported for the first quarter of fiscal 2015.
Revenue increased 40.9% year-over-year to $94.02 million, compared with $66.72 million for the same period last year.
Analysts surveyed by Thomson Reuters had estimated earnings of 6 cents per share on $87.58 million in revenue for the latest quarter.
"We saw strong revenue growth across all major geographies, and security revenue exceeded $10 million in the quarter," CEO Jesper Andersen said in a statement. "Looking forward, we see multiple growth drivers for our business and believe we are well positioned to execute on the opportunities ahead."
Additionally, Infoblox's board of directors authorized $100 million in share buybacks, with a $50 million accelerated share repurchase program.
The Santa Clara, CA-based company offers network services to protect domain name system infrastructure, automate cloud deployments and boost network reliability.
So far today, 2.57 million shares of Infoblox have exchanged hands, compared with its average daily volume of 860,205 shares.
Separately, TheStreet Ratings team rates INFOBLOX INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate INFOBLOX INC (BLOX) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: BLOXBLOX data by YCharts