Networking solutions developer Radware Ltd. (Nasdaq: RDWR) beat analysts' revenue and profit estimates for the third quarter of 2010 on record quarterly revenue. Revenue rose 25.8% to $36.8 million for the third quarter from $29.2 million for the corresponding quarter of 2009, and rose 4.4% over the $35.2 million revenue for the preceding quarter.
GAAP based net profit rose to $3.7 million ($0.17 per share) for the third quarter from $151,000 for the corresponding quarter. Non-GAAP net profit more than doubled to $5.6 million ($0.26 per share) from $2.1 million for the corresponding quarter.
Radware beat the analysts' consensus for the third quarter of non-GAAP earnings per share of $0.24 on $36.2 million revenue. The analysts' full-year consensus is of non-GAAP earnings per share of $0.90 on $142.2 million revenue.
Radware had $172.2 million in cash and cash equivalents at the end of September, $52 million more than a year earlier.
Radware CEO Roy Zisapel said, "This year is proving to be a very significant year for Radware solidifying our position as a key influencer in the application delivery and network security markets."
Radware's share price fell 2.2% at the opening on Nasdaq today to $33.27 yesterday, giving a market cap of $650 million, despite gains in premarket trading.
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2010
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