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Riverbed Reports FY06

SAN FRANCISCO -- Riverbed Technology, Inc. (Nasdaq:RVBD - News), the performance leader in wide-area data services (WDS), today released financial results for the fourth quarter and full year ended December 31, 2006.

Revenues for the fourth quarter of 2006 were $33.8 million, which represents a sequential increase of 37% from the immediately preceding quarter and a year-over-year increase of 219% from the fourth quarter of last year. The net loss on a GAAP basis for the fourth quarter of 2006 was $2.4 million, or $0.04 per share, compared to a net loss of $3.1 million, or $0.16 per share, in the third quarter of 2006 and a net loss of $4.7 million, or $0.43 per share, in the fourth quarter of 2005. Riverbed's fourth quarter of 2006 GAAP results included $4.8 million of non-cash stock-based compensation expenses.

Excluding the impact of stock-based compensation in all periods, assuming preferred shares were converted as of the later of their issuance or the beginning of the respective periods, and including dilutive shares in the fourth quarter of 2006, the non-GAAP net income for the fourth quarter of 2006 was $2.4 million, or $0.03 per share, compared to a non-GAAP net loss of $1.0 million, or $0.02 per share, in the third quarter of 2006 and a non-GAAP net loss of $4.2 million, or $0.09 per share, in the fourth quarter of 2005.

Revenues for the year ended December 31, 2006 were $90.2 million, a 293% increase from $22.9 million in the prior year. The GAAP net loss for the full year 2006 was $15.8 million, or $0.59 per share, which compares with a GAAP net loss of $17.4 million, or $1.85 per share, in 2005.

"Our early and rapid success in the WDS market is testament to our innovative technology, strong competitive position and the business-critical need for wide-area data solutions," noted Jerry Kennelly, Riverbed president and chief executive officer. "As market acceptance and understanding of the capabilities of WDS grows, the Global 2000 are embracing our solutions to overcome the competing demands of globalization and IT centralization."

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