A10 posts Q3 revenue of $61m, up 12% yoy

A10 Networks reported Q3 revenue of $61.4 million, up 12% compared with $55.1 million for the same period last year. There was a GAAP net loss of $2.7 million, or $0.04 per basic share.

“We delivered a strong third quarter and are pleased with the team’s execution. Revenue exceeded our initial and revised guidance and increased 12% year-over-year to reach $61.4 million. Our top-line performance was driven by solid demand and the team’s improved execution as we began to see the initial progress from some of the recent changes we implemented in the quarter,” said Lee Chen, president and chief executive officer of A10 Networks.

On the earning conference call, A10 executives disclosed that during Q3 the company secured large win with a mobile provider in the U.S., where it continued to expand its

footprint and replaced the incumbent ADC vendor with its ThunderADC and ThunderSSLi solutions. In total, this customer contributed 14 percent of Q3 revenue.

Third quarter product revenue grew 12 percent year-over-year to 39.4 million dollars, representing 64 percent of total revenue. Third quarter service revenue was 22.0 million dollars, or 36 percent of total revenue.