Radware Ltd. (Nasdaq: RDWR; TASE: RDWR) today published its financial report for the third quarter of 2008, and it appears that there missing estimates is nothing to get excited about. For the third consecutive quarter, the networking solutions developer managed by CEO Roy Zisapel reported results that were below the analysts' forecasts.
Radware posted a non-GAAP net loss of $4.3 million ($0.22 per share) on $23.5 million revenue for the third quarter of 2008, compared with the analysts' consensus of a non-GAAP loss per share of $0.14 on $25.4 million revenue.
On the other hand, Radware reiterated its expectation to return to operating profitability by the fourth quarter of 2008. Roy Zisapel said, "We remain more than ever committed to returning our business to profitability. As part of this undertaking, we expect to grow our revenues and control our expenses."
Radware's third quarter revenue was 2% higher than the $23 million posted for the corresponding quarter of 2007, but 2% less than the $24 million posted for the preceding quarter. The company posted a GAAP-based net loss of $8.5 million ($0.44 per share) for the third quarter, compared with a net loss of $7.1 million for the preceding quarter and a net loss of $2.6 million for the corresponding quarter.
Radware narrowed its non-GAAP net loss for the third quarter to $4.3 million from $5 million for the preceding quarter, but this was more than triple the net loss of $1.2 million for the corresponding quarter.
Radware's share rose 1.6% to $6.31 on Nasdaq yesterday, giving a market cap of $122 million. The share rose 0.5% to NIS 24.74 by early afternoon on the TASE today.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2008
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