Barracuda Networks Hits Revenue of $78 Million, up 18% YoY

Barracuda Networks reported revenue of $78.0 million for its first quarter of fiscal 2016, up 18% from $66.2 million in the first quarter of fiscal 2015.  Appliance revenue in the first quarter of fiscal 2016 grew to $23.7 million, up from $20.8 million in the first quarter of fiscal 2015, and recurring subscription revenue grew to $54.3 million in the first quarter of fiscal 2016, up from $45.4 million in the first quarter of fiscal 2015, representing 70% of total revenue.

However, there was a GAAP net loss for the quarter of $3.8 million, or $0.07 loss per share, based on a basic share count of 53.0 million.

“We delivered revenue and non-GAAP EPS at the top end of our targeted range,” said BJ Jenkins, president and CEO. “During the quarter, we grew total active subscribers, increased gross margin and maintained a 92.5% dollar-based renewal rate, speaking to the underlying strength of our business model.”

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