Networking vendor, Brocade, has announced a global revenue of $US588.7 million for its first fiscal quarter financial results ending January 26.
The revenue represents an increase of five per cent year-over-year and two per cent quarter-over-quarter.
However, the company reported a GAAP loss per share of $US0.05, down from a profit of $US0.12 per diluted share in Q1 2012. The company attributed the loss to a non-cash tax charge in California, which reduced the company's deferred tax assets.
On a comparative basis, non-GAAP diluted earnings per share was $US0.21, up from $US0.20 in Q1 2012.
Brocade CEO, Lloyd Carney, said the revenue increase in Q1 was the result of profits in its storage and IP networking businesses.
Its Storage Area Networking (SAN) business revenue, including products and services, was at $US416.9 million, up three per cent year-over-year and up six per cent sequentially. Its IP networking business revenue, including products and services, was $US171.8 million, up 11 per cent year-over-year and down seven per cent quarter-over-quarter.
According to Carney, his top priority is to ensure that the company continues to execute well in its core businesses, as well as drive growth and shareholder value.
"Looking forward, I see new opportunities emerging in the networking industry due to disruptive IT market trends that are challenging the capabilities of today's networks. It is clear that customers are looking for new technologies and approaches in networking to meet these challenges," Carney added.