Riverbed Technology reported Q1 2008 revenue of $73 million, an increase of 71% from the first quarter of 2007. GAAP net income was $638,000, or $0.01 per share, in the first quarter of 2008, compared to net income of $3.3 million, or $0.05 per share, in the first quarter of 2007. Riverbed’s first quarter of 2008 GAAP results included $11.3 million of stock-based compensation expenses and related payroll taxes. Excluding the impact of stock-based compensation and related payroll taxes in all periods, as well as related income tax effects, the non-GAAP net income for the first quarter of 2008 was $7.9 million, or $0.11 per share, compared to non-GAAP net income of $8.6 million, or $0.12 per share, in the first quarter of 2007.
“In the first quarter, we posted 71% revenue growth year-over-year but our results were impacted by a lengthening sales cycle at some accounts due to macro-economic trends,” said Jerry Kennelly, Riverbed president and chief executive officer. “While we had fewer large deals in the first quarter than in recent periods, we did see broad-based demand from our installed base and added approximately 500 new customers this quarter across a broad range of verticals. With these new customers, we now have over 4,000 cumulative customers.”http://www.riverbed.com
