A10 Networks reported Q3 revenue of $56.6 million, up 7.1% year-over-year. GAAP gross margin was 76.8%. The company achieved record GAAP net income of $6.5 million, or $0.08 per share, compared with GAAP net income of $173,000, or $0.00 per share in the third quarter of 2019.
“We have successfully positioned A10 for consistent organic growth and increased profitability amidst a challenging economic environment,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “Over the past two years, we have streamlined our fixed cost structure by approximately 25% and realigned our leaner sales organization on the highest quality opportunities. In the third quarter, this focus resulted in better than 7% organic growth, more than $6 million year-over-year improvement in net income and an $8.5 million improvement in Adjusted EBITDA. With a strong balance sheet, including more than $159 million of cash and cash equivalents, and no debt, we are on a solid footing and our improved financial profile enables us to prudently fund a significant stock buyback.”
