Updated from Aug. 18
were slightly lower Thursday after the company delivered a sharp rise in profit and met sales expectations for its fiscal third quarter, the company reported after the bell.
Brocade's shares were recently down 9 cents to $4.86.
The San Jose, Calif.-based enterprise storage vendor said after the bell Wednesday that third-quarter profit rose to $17 million, or 6 cents a share, from net income of $1.9 million, or 1 cent a share, a year ago.
Excluding special charges, net income amounted to $15.2 million, or 6 cents a share, a penny ahead of the consensus estimate.
The earnings upside doesn't come as a complete surprise, however. On Aug. 13, Brocade
issued a business update saying it expected to earn a pro forma profit of 5 cents to 6 cents a share in the quarter, above what was then the consensus estimate of 4 cents.
Third-quarter net revenue of $150 million was even with analyst expectations, reflecting growth of 12% from year-ago levels and 3% from the prior quarter.
In a post-close conference call, Brocade forecast revenue of $150 million to $156 million with pro forma earnings of 6 cents to 7 cents a share. That compares with the consensus estimate for sales of $156 million and EPS of 6 cents.