Earnings: Cisco, SGI, Limelight, Internap
November 6th, 2009 By: John Rath
Here’s a roundup of quarterly financial results announcements this week:
- Cisco reports first quarter 2010 Earnings. Cisco reported first quarter results Wednesday for the period ended October 24, 2009. Net Sales were $9 billion in the first quarter, a decrease of 13% year over year. CEO John Chambers noted that the fourth quarter of 2009 was a clear tipping point and first quarter 2010 results continued to reflect strong sequential growth trends. Chambers also said “a new model of productivity based on collaboration is clearly emerging and we believe this may be the most profound opportunity for businesses in our 25 years as a company.” Sitting on total cash of $35.4 billion, the Cisco build – buy – or partner innovation engine is ready gain momentum in 2010. Cisco also announced that up to $10 billion in additional repurchases of its common stock was authorized by its board of directors.
- SGI reports first quarter 2010 results. SGI reported first quarter 2010 results Wednesday for the period ending September 25, 2009. Revenue increased by 103% from the prior quarter and 88% from the comparable year ago quarter on a non-GAAP basis. “Operationally, our integration is ahead of schedule in most key areas,” said SGI CEO Mark J. Barrenechea. “We also introduced new products that could expand our addressable market by over $1.7 billion while investing for long-term growth.” Cash, cash equivalents, investments, and restricted cash for the end of Q1 was $123.5 million, compared to $139.5 million at the end of the prior quarter.
- Limelight reports third quarter 2009 results. Wednesday Limelight Networks reported financial results for the third quarter of 2009. Revenue for the quarter was reported at $32.5 million, up 1% from the second quarter of 2009. Capital investments were $10.6 million and the company ended the quarter with approximately $153 million in cash and short-term marketable securities. ”With our recently announced XD Platform and the mobility and monetization solutions we released during the quarter,” said Limelight CEO Jeff Lunsford, “we are positioning Limelight Networks to be a core provider of cloud-based services within this transformed world, helping forward-thinking media, entertainment, enterprise and government organizations leverage the next-generation Internet’s capabilities to differentiate from their competitors and better serve their constituents.”
- Internap reports third quarter 2009 results. Internap reported revenue of $64.4 million Thursday, a decrease of 1.5% compared with the third quarter of 2009. Internap CEO Eric Cooney noted early signs of progress with $7.6 million in adjusted EBITDA and several important milestones in the turnaround of Internap’s business. Cooney also noted several steps being taken to stabalize a fourth consecutive quarter of declining revenue for Internap’s IP Services. The next generation content delivery network platform Internap promised in previous earnings calls will be released at the November 17th Streaming Media Web trade show. CFO George Kilguss noted that CapEx should increase in 2010 as Internap plans a new round of colocation expansions.