Riverbed Grows 1Q13 Earnings
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For the first quarter of its fiscal 2013, Riverbed reported revenue of $246 million, a thirty-five percent year-over-year gain. The company reported a net loss of $8.1 million for Q1, in contrast to the $6.9 million net income reported for the same period lastyear. Moving forward, Riverbed provided guidance for total revenue in the second quarter to range from $255 to $260 million.
As to the reasons for Riverbed's quarterly weakness, the company put some of the blame on the U.S. Federal Government.
"The government vertical was most notably below our original forecast with particular weakness due to sequestration," Jerry M. Kennelly, co-founder, executive chairman, CEO, and president of Riverbed, said during his company's earnings call.
Looking at the revenue mix for Riverbed's business, WAN optimization represented sixty-eight percent of Riverbed's first quarter revenues. Performance management came in at twenty-seven percent and application delivery controllers (ADC) at five percent.