A10 Networks updated its forecast of expected third-quarter financial results, announced a significant share repurchase program, and announced a transition in its senior leadership team.
The company now expects Q3 results to show:
- Revenue in the range of $53 to $56 million, representing a sequential and year-over-year improvement
- Non-GAAP Operating expenses in the range of $34 to $35 million
Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks, commented, “A10 has continued to drive organic growth in a challenging environment, while reducing operating expenses, enabling us to generate sustainable cash flow. The transition to 5-G continues to represent an important catalyst to our business, and to date, we believe we have successfully navigated COVID-19-related challenges. We are confident that we can generate continued improvements in our operating results as we accelerate our business transformation, and as a result, the board has authorized a buyback program.”
A10 Networks also announced a share repurchase program under which the company may repurchase up to $50 million of its outstanding common shares during the next 12 months.
In addition, Tom Constantino, CFO, will be stepping down from the company.
