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Brocade's Revenue Fell Shy of Estimates in Fiscal 1Q17

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Brocade's Revenue Fell Shy of Estimates in Fiscal 1Q17 PART 1 OF 4

How Brocade Performed in Fiscal 1Q17

Revenue of $581 million in fiscal 1Q17

On February 23, 2017, US-based (SPY) Brocade Communications Systems (BRCD) announced its fiscal 1Q17 results and reported revenue of $581 million. The company’s revenue rose 1% YoY (year-over-year) and fell 12% quarter-over-quarter.

BRCD’s non-GAAP (generally accepted accounting principles) diluted EPS (earnings per share) fell to $0.16 in fiscal 1Q17, compared to $0.33 in fiscal 4Q16 and $0.29 in fiscal 1Q16. Its non-GAAP EPS fell 50% quarter-over-quarter and 43% YoY, primarily due to its lower SAN (storage area network) and IP Networking revenue, partially offset by its Ruckus acquisition.

How Brocade Performed in Fiscal 1Q17

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What did analysts expect in fiscal 1Q17?

Analysts estimated that Brocade Communications would post revenue of ~$590 million for fiscal 1Q17. Brocade’s EPS were expected to come in at $0.26. Analysts expect Brocade to post revenue of $599 million and EPS of $0.21 in fiscal 2Q17. They also expect Brocade’s revenue to rise 14.5% YoY in fiscal 2Q17, 3.8% YoY in fiscal 3Q17, and 5.5% YoY in fiscal 2017.

Brocade has a market cap of $4.9 billion. Peer companies NetApp (NTAP), Hewlett-Packard Enterprise (HPE), and Cisco (CSCO) have market caps of $11 billion, $35 billion, and $173 billion, respectively.

Continue to the next part of this series for a look at Brocade’s main business segments: SAN and IP Networking.

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