Mellanox Technologies Ltd. (Nasdaq:MLNX) missed the analysts' consensus in its third quarter financials. The interconnect solutions provider saw third quarter revenue fall 33.5% to $104.1 million from $156.5 million in the corresponding quarter of 2012, however up 6% from $98.2 million in the preceding quarter. The analysts had predicted $107 million revenue.
Mellanox reported a GAAP net loss of $5.4 million ($0.12 per share) in the third quarter compared with GAAP net profit of $48.4 million ($1.09) per share in the corresponding quarter, and a net loss of $1.7 million ($0.04 per share) in the preceding quarter.
Non-GAAP profit in the third quarter of 2013 was $13.1 million ($0.29 per share), down from and $60.1 million ($1.37 per share) in the corresponding quarter of 2012 and $13.8 million ($0.30 per share in the preceding quarter. The analysts had predicted $0.32 per share.
Total cash and investments were $306.4 million at September 30, 2013, compared to $411.3 million at June 30, 2013. The company paid $123.5 million in cash for its acquisitions of Kotura, Inc. and IPtronics A/S, and generated $16.4 million in cash from operating activities in the third quarter.
Mellanox president and CEO Eyal Waldman said, "We completed our acquisitions of Kotura and IPtronics in the third quarter, and the integration of these teams and their advanced silicon photonics technologies is going very well. These technologies will help Mellanox to continue to lead the fast interconnect market with our InfiniBand and Ethernet offerings, and to offer market-leading solutions for high-performance computing, Web 2.0, cloud, storage, database and financial applications. We are experiencing good momentum around our end-to-end Ethernet technologies in various market segments."
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2013
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