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Network gear maker Infoblox warns on second quarter; shares slide
November 26, 2013 / 11:22 PM / 4 years ago

Network gear maker Infoblox warns on second quarter; shares slide

(Reuters) - Network equipment maker Infoblox Inc BLOX.N forecast second-quarter results below analysts’ expectations, sending its shares down 18 percent in extended trading.

Infoblox Inc. executives Stuart Bailey (centre, L), founder and chief technology officer, and Robert Thomas, president and CEO, celebrate their company's IPO on the floor of the New York Stock Exchange April 20, 2012. REUTERS/Brendan McDermid

Infoblox’s shares have almost tripled in the past year, spurred by strong demand for its automation products that help telecom companies manage internet traffic more efficiently.

“We have had significant quarter-over-quarter revenue growth and product growth for the past five or six quarters ... It does sometimes take a little time to digest those large quarter-over quarter-increases,” Chief Executive Robert Thomas said on a conference call with analysts.

The company forecast adjusted earnings of 9 cents to 11 cents per share on revenue of $65 million to $66 million for the quarter ending January.

The forecast implies year-over-year quarterly sales growth of about 19-21 percent, the lowest in five quarters.

Analysts on average were expecting earnings of 12 cents per share on revenue of $67 million, according to Thomson Reuters I/B/E/S.

Infoblox’s first-quarter profit, however, beat estimates. On an adjusted basis, it reported a profit of 12 cents per share, above the average analysts estimate of 9 cents.

Revenue rose 28 percent to $63.5 million, in line with estimates.

Infoblox’s shares were trading at $36.85 after the bell. They closed at $44.96 on the New York Stock Exchange on Tuesday.

Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty

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