Redback Networks Leaps After Beating Estimates

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Broadband networker Redback Networks (RBAK) was up 29.9% in early trading after posting a third-quarter loss of 28 cents a share, beating estimates by 1 cent and down sharply from earnings of 2 cents in the year-earlier period.

Revenue for the third quarter was $37 million vs. $59.4 million in the prior quarter and $80.6 million for the same period a year earlier.

Including items, Redback's loss widened to $3.16 billion, or $21.71 a share, from $308.1 million, or $2.50 a share.

The company said fourth-quarter sales will be flat to slightly up compared to the third quarter. Analysts expect $41 million. Redback said it plans to break even in the second half of next year.