Foundry Networks reported Q3 revenue of $159.5 million, compared to $118.8 million in the third quarter of 2006, and compared to $143.2 million in the second quarter of 2007, an increase of 34.2% and 11.3% respectively. Net income was $27.6 million, or $0.18 per diluted share, compared to net income of $12.2 million, or $0.08 per diluted share, in the third quarter of 2006, and net income of $15.6 million, or $0.10 per diluted share, in the second quarter of 2007.
The company said North American commercial revenue represented 52.5% of total revenue while sales to Europe, the Middle East and Africa (EMEA) represented 12.2% of total revenue. Both geographies were down slightly from the prior quarter due to normal summer seasonality. Sales to Japan represented 5.4% of total revenue, a decrease from 5.7% of total revenue in the second quarter of 2007 but a slight increase in terms of absolute dollars. Sales to the U.S. Federal Government were seasonally strong, representing 22% of total revenue, an increase of over 100% from the second quarter of 2007.
Within the service provider market, Foundry Networks began shipping and recognizing revenue during the third quarter from its 32-slot routers, the XMR 32000 and MLX-32. The delivery of this new platform helped the overall router revenue grow to 17% of total revenue, a 40% increase from the second quarter of 2007. Overall, service provider revenue grew to approximately 25% of total revenue in the quarter.
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