Redback Hits Targets

Shares plunge 19 cents.
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Redback's (RBAK) third quarter numbers hit the targets but its shares take it in the teeth.

The San Jose, Calif., networking equipment maker posted adjusted earnings of $9.1 million, or 12 cents a share. That compares with a 7-cent profit in the second quarter and an 8-cent a share loss a year ago. Analysts were looking for a dime in adjusted profit.

Sales for the quarter ended in September were $70.9 million, which is nearly double the $36 million a year ago. Analysts were expecting sales of $70.1 million.

"Broadband networks are becoming more video-centric and we believe Redback and SmartEdge technology are at the center of a paradigm shift in network routing to multi-service broadband networks," said CEO Kevin DeNuccio.

Redback shares fell 19 cents to $14 in after-hours trading.