Investors Cheer Sonus' Results

The company tops revenue estimates and posts a narrower-than-expected loss.
Author:
Publish date:

Shares of

Sonus Networks

(SONS)

were climbing in extended trading after the company reported revenue growth in the second quarter and said its loss narrowed both sequentially and in comparison with the year-ago period.

Revenue for the second quarter rose to $21.4 million from $16 million in the first quarter and $21.3 million for the second quarter of fiscal 2002.

The company lost $3.2 million, or 1 cent a share. A year ago, Sonus lost $17.8 million, or 9 cents a share. In the first quarter, the loss was $4.4 million, or 2 cents a share.

Analysts polled by Thomson First Call were looking for a loss of 2 cents and revenue of $19 million.

"We are pleased with the progress that we made in the second quarter, particularly with our 33% sequential revenue growth," Sonus said in a press release. "We executed across all areas of the business -- broadening and strengthening our customer base, expanding our leading product offering, bolstering our balance sheet and advancing our drive to profitability."

In Instinet trading after the close, Sonus was gaining 58 cents, or 10%, to $6.30.