Sonus Networks reported Q1 revenues of $71 million compared to $79 million in the fourth quarter of fiscal 2006 and $60 million in the first quarter of fiscal 2006. Cash, cash equivalents and investments increased by approximately $5 million during Q1FY07 to $366 million.
Sonus is not providing detailed GAAP or non-GAAP financial results for the quarter at this time because it has not yet completed its previously announced restatement of certain historical consolidated financial statements resulting from its voluntary review of the processes by which it has historically granted and accounted for employee stock options.
“Fueled by the growth of the IP-services market, Sonus’ global business continues to expand, and the demand for our solutions continues to increase. With another quarter of year-over-year revenue growth, we’re delivering results and executing on our long term strategy,” said Hassan Ahmed, chairman and CEO of Sonus Networks.
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