By a News Reporter-Staff News Editor at Telecommunications Business -- Aruba Networks, Inc. (NASDAQ: ARUN) released financial results for its third quarter of fiscal year 2014 ended April 30, 2014.
Record revenue of $188.8 million grew 28 percent from the $147.1 million reported in Q3'13. GAAP net loss for Q3'14 was $6.4 million, a loss of $0.06 per share, compared with GAAP net loss of $20.2 million, or $0.18 per share, in Q3'13.
Non-GAAP net income for Q3'14 was $22.8 million, or $0.20 per diluted share, compared with non-GAAP net income of $14.0 million, or $0.11 per diluted share, in Q3'13. A reconciliation between GAAP and non-GAAP information is contained in the tables below and can also be found in the supplementary tables located in the investor section of the company's website at www.arubanetworks.com.
"We delivered record revenue driven by strong demand across our product portfolio," said Dominic Orr, Aruba's president and chief executive officer. "We believe our exceptional topline performance this quarter reflects the investment we made in extending our sales and channel capacity, coupled with the strength of our differentiated architecture and product portfolio. The need for simple, smart, secure and stable Wi-Fi, particularly for cutting edge organizations moving toward all-wireless environments and 802.11ac, is driving interest for Aruba's broad product platform."
Commenting on the company's financial results, Michael Galvin, Aruba's chief financial officer, added, "I am pleased with our financial results in the quarter. We delivered strong 7 percent sequential revenue growth and continued to improve our non-GAAP operating margins. Looking forward, we remain confident in our 71%-73% gross margin target range as we introduce new 802.11ac products and see a more balanced product mix. We ended the quarter with $300 million in cash, cash equivalents and short-term investments, while continuing our stock repurchase plan." Recent Highlights Unveiled Aruba Mobility-Defined Networks™, a new architecture for IT departments to build an all-wireless workplace designed for improved #GenMobile job satisfaction and productivity. Supporting the new architecture, Aruba also introduced five new software innovations that deliver IT granular visibility, performance optimizations and security automation to support the networking needs of highly mobile employees.
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