Application security solutions developer Radware Ltd. (Nasdaq: RDWR) beat the analysts' consensus on record revenue for the third quarter of 2011. Revenue rose 15% to $42.2 million from $36.8 million for the corresponding quarter of 2010, beating the analysts' consensus of $41.7 million.
GAAP-based net profit rose to $5.4 million ($0.24 per share) for the third quarter from $3.7 million for the corresponding quarter, and non-GAAP net profit rose to $7.8 million ($0.34 per share) from $5.6 million. The company beat the analysts' earnings per share consensus of $0.32.
Cash flow from operations totaled $3 million in the third quarter, and the company had $207 million in cash, cash equivalents, deposits and marketable securities at the end of September.
Radware president and CEO Roy Zisapel attributed the company's sustained growth to market interest in its recently announced Attack Mitigation System and its innovative application delivery solutions for data center consolidation, virtualization, and cloud computing.
Radware's share price rose 9.7% yesterday to $26.83, giving a market cap of $563 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2011
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