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Data manager Riverbed's 4th-qtr profit falls

Tue, 02/02/2010 - 2:01pm
The Associated Press

Riverbed Technology Inc., which helps manage corporate data networks, said Tuesday that its fourth-quarter earnings fell as its revenue and expenses rose, but the results beat analyst expectations.

For the quarter that ended Dec. 31, Riverbed earned $900,000, or a penny per share, compared with $23.3 million, or 33 cents per share, a year earlier.

Excluding one-time items, the company earned 21 cents per share. Analysts polled by Thomson Reuters expected it to earn 18 cents per share on that basis.

Riverbed's revenue rose 22 percent to $112.9 million, beating analyst expectations for $106.5 million.

Its product revenue climbed 15 percent to $77.6 million, while its support and services revenue rose 42 percent to $35.3 million.

The company also reported increased sales and marketing expenses and acquisition-related costs, however.

For all of 2009, Riverbed earned $7.1 million, or 10 cents per share, compared with $10.6 million, or 14 cents per share, in 2008. Revenue rose 18 percent to $394.1 million.

Riverbed shares fell 32 cents in after-hours trading, after rising 47 cents, or 2 percent, in regular trading to close Tuesday at $23.72.

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