NetScout Systems 3Q income rises 11 percent
NetScout Systems Inc., which sells products that gauge computer network performance, said Thursday that its net income rose 11 percent in its fiscal third quarter.
The company said revenue was up 10 percent because on better product sales but came in below analysts' expectations. NetScout raised its net income forecast for the full year while narrowing its revenue outlook.
Netscout shares lost $1.20, or 4.4 percent, to $25.96 in afternoon trading.
NetScout made $11.1 million, or 26 cents per share, over the three months ended Dec. 31. A year earlier its net income was $10 million, or 24 cents per share. Excluding one-time costs NetScout said its profit was 36 cents per share in the most recent quarter. Revenue increased to $91.6 million from $83.3 million.
Analysts forecast net income of 32 cents per share and revenue of $103.7 million, according to FactSet.
The company said product revenue rose 15 percent to $52.7 million and service revenue edged up 4 percent to $38.9 million.
NetScout now expects adjusted net income of $1.28 to $1.32 per share and revenue of $346 million to $351 million for the fiscal year ending in March. Previously it forecast income of $1.24 to $1.30 per share and $340 million to $355 million in revenue.