Despite its flurry of recent activity in the Layer 4-7 space, Foundry Networks Inc. (Nasdaq: FDRY)
dipped below analyst expectations when it posted its first quarter results yesterday.
The news was not well received by investors. In after-hours trading, Foundry shares were down $3.85 (27.2%) to $10.30. In regular trading yesterday, shares fell $1.04 (6.85%) to $14.15.
Revenues for the first quarter of 2004 were $104 million, compared to $91.1 million in the first quarter of 2003. Foundry net income was $19.9 million, or 14 cents per diluted share in the first quarter, compared to net income of $13.4 million, or 11 cents per diluted share in the same period last year.
However, these figures were some way below analyst expectations of 17 cents per share and $113 million revenue.
Foundry executives on last nights earnings call attributed the companys weak results to its first quarter performance in Japan, and seasonality, citing the fact that the first and third quarters of the year are traditionally its most challenging.
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