For the quarter, Brocade reported $565 million in revenue, a decline of 4 percent year-over-year. Net income was reported at $81 million, which stands in sharp contrast with the $21 million net loss that Brocade reported for the first quarter of 2013.
Looking at Brocade’s business from a product mix perspective, the SAN storage business reported first quarter 2014 revenue of $412 million, down one percent year-over-year. Brocade’s IP networking business reported revenue of $153 million, down 11 percent year-over-year.
“Our first quarter is a seasonally down quarter due to the fact that our U.S. federal customers placed more of their orders during the fiscal third and fourth quarter,” Dan Fairfax, CFO of Brocade, said during his company’s earnings call.