Tech News - Foundry Networks Profit, Revenues Rise

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Foundry Networks Profit, Revenues Rise

10/23/2002

SAN JOSE, Calif. (Reuters) - Network equipment maker Foundry Networks Inc. said on Wednesday its profit jumped in the latest quarter from a year earlier as revenues rose to near the high end of the company's recent outlook.

The San Jose, California company said third-quarter net income rose sharply to $7 million, or 6 cents a share, from $1.9 million, or 2 cents a share, a year earlier. Revenues rose to $76.6 million from $74.7 million a year earlier.

Earnings exceeded the average of 4 cents per share forecast by analysts surveyed by tracking service Thomson First Call. Revenues also beat the average forecast of $75.9 million.

Foundry earlier this month said it expected third-quarter earnings to rise on "relatively strong" demand for its products. The company forecast earnings of 4 cents to 6 cents per diluted share and revenues of $75 million to $77 million.

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