Barracuda Beats Revenue Expectations, Matches Adj. EPS Forecast, But Shares Fall

Shares of Barracuda Networks Inc. fell more than 5% late Monday after the cloud security and storage company reported fiscal first-quarter per-share earnings in line with expectations. Barracuda said it earned $2.7 million, or 5 cents a share, in the quarter, compared with $2.8 million, or 5 cents a share, in the first quarter of fiscal 2017. Adjusted for one-time items, the company earned $10 million, or 18 cents a share, compared with $10.7 million, or 20 cents a share, a year ago. Revenue rose 9% to $94.2 million, compared with $86.7 million in the first quarter of last fiscal year. Gross billings reached $105.2 million, while the number of active subscribers grew 17% to more than 335,000, the company said in a statement. Analysts polled by FactSet had expected adjusted per-share earnings of 18 cents on sales of $91.2 million for the quarter. Billings were pegged at $104 million. The shares ended the regular session up 0.6%.

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