April 29, 2010 / 9:51 PM / 10 years ago

UPDATE 1-Acme Packet Q1 profit beats estimates

* Q1 EPS $0.16 vs est $0.10

* Q1 rev $51.1 mln vs est $42.4 mln

* Raises FY 2010 outlook

* Shares soar 20 pct

April 29 (Reuters) - Acme Packet Inc’s APKT.O first-quarter results beat estimates as its product revenue nearly doubled, and the company raised its 2010 outlook, sending its shares up 20 percent in trading after the bell.

The company, which provides devices used for communications across Internet protocol, now expects 2010 adjusted profit of 65 cents to 70 cents a share, up from its prior view of 44 cents to 47 cents per share.

Acme Packet also increased its revenue forecast to between $204 million and $208 million, from its earlier outlook range of $182 million and $186 million.

For the first quarter, the company earned $8.3 million, or 13 cents a share, compared with a profit of $2.8 million, or 5 cents a share, in the year-ago period.

Excluding items, it earned 16 cents a share, topping the average analysts’ expectation of 10 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose over 64 percent to $51.1 million, higher than Wall Street estimates of $42.4 million.

Shares of Acme Packet, which makes session border controllers that are used to connect networks operated by service providers and enterprise customers, were up 20 percent at $25.35 in trading after the bell. They closed at $21.07 Thursday on Nasdaq. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Aradhana Aravindan)

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