Brocade full-year sales up on networking surge

Brocade has wrapped up a transformative financial year with dip in net profit offsetting a surge in quarterly sales. Year-on-year, quarterly GAAP net profit at the storage and networking vendor slipped 6% to $33.6m (£20.32m) as sales rose 31% to $521.8m.

Brocade has wrapped up a transformative financial year with dip in net profit offsetting a surge in quarterly sales.

Year-on-year, quarterly GAAP net profit at the storage and networking vendor slipped 6% to $33.6m (£20.32m) as sales rose 31% to $521.8m.

For the twelve months ended 31 October, Brocade made revenues of $1.9bn, up from $1.4bn in 2008 and greatly helped by the acquisition of Foundry Networks, but it still booked a full-year net loss of $76.5m.

Nevertheless, CEO Michael Klayko hailed the firm's evolution into "one of only two end-to-end networking solutions providers in the industry".

"Q4 saw tremendous momentum as we exceeded the Street's consensus non-GAAP EPS estimates for the seventeenth consecutive quarter, delivered the fastest sequential growth of any large networking vendor and generated strong cash flows," he added.

In a prepared statement, Brocade said it was banking on a recover yin IT spending during the first half of 2010 and a return to near-normalcy in the second half as enterprise customers begin to replace aging network infrastructure.

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