Barracuda Networks faces $US2.2m loss

Barracuda Networks faces $US2.2m loss

Announces results for its Q2 fiscal 2016 year

Barracuda Networks faces $US2.2m in GAAP net loss

Barracuda Networks faces $US2.2m in GAAP net loss

Cloud-connected security and storage solutions company, Barracuda Networks, is facing a Generally Accepted Accounting Principle (GAAP) net loss of $US2.2 million for its second quarter of fiscal 2016 year results, ending August 31, 2015.

This comes up to a $US0.04 loss per share, based on a basic share count of 53.3 million.

The company’s president and CEO, BJ Jenkins, said the currency environment and longer sales cycles which it experienced in Europe, Middle East and Africa in Q2 impacted its gross billing performance.

In addition, he said there is evidence of the overall storage market slowing down and an evolution in customer requirements.

“We are adjusting our approach accordingly," Jenkins said.

But Jenkins is optimistic about the future of the company. He said the pending acquisition of Intronis is also expected to boost the company’s presence and increase its market reach.

"We are excited about our pending acquisition of Intronis because it will significantly expand our presence with managed service providers, and enables Barracuda to reach more of the market, by offering storage and security solutions the way customers want to consume them,” he said.

More to follow.

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