Updated from Monday, Nov. 23

SAN JOSE, Calif. (

TheStreet

--

Brocade

(BRCD)

continues to enjoy strong revenue growth, although the company's profit dipped in its

fourth-quarter

results.

Brocade posted revenue of $521.8 million after the market's close on Monday, up 31% on the same period last year, and in line with Wall Street's prediction of $521.09 million.

Excluding items, Brocade earned 15 cents on net income of $73.4 million, compared to 20 cents and net income of $75.8 million in the same period last year. Analysts surveyed by Thomson Reuters had predicted earnings of 13 cents a share.

"

The fourth quarter saw tremendous momentum as we exceeded the Street's consensus non-GAAP EPS estimates for the seventeenth consecutive quarter," Brocade CEO Mike Klayko said in a statement. "Looking at 2010, we expect to continue our momentum as we execute our strategy."

On a GAAP basis, the company earned 7 cents a share on net income of $33.6 million, down from 9 cents a share and $35.6 million in the prior year's quarter.

Brocade didn't offer quarterly guidance, in keeping with its recent strategy, but

reiterated

its fiscal 2010 revenue outlook of $2.25 billion to $2.45 billion. Analysts had predicted 2010 sales of $2.28 billion.

For fiscal 2009, Brocade brought in revenue of $1.95 billion, up 33% on the prior year, and in line with Wall Street's estimates.

Investors responded positively to Brocade's results, pushing the company's shares up about 0.7% to $7.84, in extended trading. Wall Street will be closely monitoring the networking specialist during the coming months to

weigh

the impact of

Hewlett-Packard's

(HPQ) - Get Report

3Com

(COMS)

acquisition

.

Brocade has been in the spotlight since Hewlett-Packard announced it was buying 3Com. Brocade had been

touted

as a possible Hewlett-Packard

acquisition target

, particularly given its strong links with the technology giant. Hewlett-Packard, however, opted to buy Brocade rival 3Com, partly as a result of the company's strength in China.

In an unusual move, Brocade put its earnings report out at 7 p.m. EST, and will hold a conference call to discuss the results before market open on Tuesday. The company's management is expected to face questions on Hewlett-Packard/3Com, as well as Brocade's plans to challenge

Cisco

(CSCO) - Get Report

and become a $10 billion company.

Hewlett-Packard also beat Wall Street's estimates in its own

fourth-quarter results

, released late on Monday, and predicted growth in 2010.

-- Reported by James Rogers in New York