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Redback Revs Up

The stock rises 5% after a solid pro forma showing.

Redback (RBAK) rose 5% late Wednesday after blowing past targets with a strong first-quarter performance.

The San Jose, Calif., networking gearmaker lost $2.6 million, or a nickel a share, in the first quarter. Excluding a list of one-time items like writedowns and amortization, Redback had an adjusted profit of $4 million, or 5 cents a share, on sales of $58 million.

Those numbers compare with an adjusted net loss of a nickel a share on $34.3 million in revenue in the year-ago period. Analysts were looking for a first-quarter pro forma profit of 3 cents on $52 million in sales, according to Reuters Research.

"I am excited about our results and the progress we have made in executing our business strategy during the quarter," CEO Kevin DeNuccio said in a press release Wednesday.

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Redback shares rose 70 cents during regular trading, and jumped another $1.04 to $25.25 in the after-hours session.