Riverbed Technology announces eight per cent sales growth in Q1
Riverbed Technology has released its first quarter financial results, with the figures showing positive growth for the company in several areas.
Riverbed, a leader in application performance infrastructure , revealed that sales were up eight per cent year-on-year in Q1. The improvement was driven by good channel and European performance, the company has said.
Total GAAP revenue for the first three months of 2014 was $265 million (£157 million). GAAP net income for the period was $3.3 million, compared to the net loss of $8.1 million in Q1 of 2013.
Non-GAAP revenue meanwhile for Q1 2014 was $266 million, an increase of 5 per cent from 12 months ago. Non-GAAP net income for the period was $40 million, just above the $39 million recorded in 2013.
Jerry M. Kennelly, chairman and CEO, commented on the overwhelming positive financial results. He said: "Our first quarter results are a strong proof point supporting our strategy to bring value to our customers by optimising the delivery of applications and data on a global scale and to deliver profitable returns to our shareholders.
"Year-over-year revenue growth was led by WAN optimisation and strength in enterprise and international sales. We are also very encouraged by our performance management business with increasing revenue from channel partners and significant growth in Europe."
Highlights of the first three months of the year included the company expanding its market-leading Steelhead WAN optimisation product family, being recognised as a leader in Gartner’s ‘Magic Quadrant’ report, and being awarded InfoWorld Technology of the Year Awards for its Riverbed Granite branch converged infrastructure and Steelhead solutions.
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