Extreme Networks Lifts Q1 Outlook, Shares Up 15%

(RTTNews) - Shares of Extreme Networks, Inc. (EXTR) jumped 15% in the after hours trading Thursday after the company lifted its first-quarter outlook.

Extreme now expects first-quarter revenues of $233 million to $236 million and adjusted earnings of $0.05 to $0.08 per share. Previously, the company expected revenues of $220 million to $230 million and adjusted earnings of $0.01 to $0.04 per share. Analysts currently estimate earnings of $0.02 per share on revenues of $223.61 million.

"Our first fiscal quarter outlook improved across a number of financial metrics. Our better-than-expected performance is a result of strong bookings and customer response to our 'effortless' strategy. The simplicity of our ExtremeCloud IQ platform, edge switching and Wi-Fi applications, and our end-to-end fabric technology is creating differentiation in the market during a challenging business environment," stated Ed Meyercord, President and CEO.

EXTR closed Thursday's trading at $4.11, up $0.04 or 0.98%, on the Nasdaq. The stock further gained $0.64 or 15.58% in the after-hours trading.