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Riverbed CEO Jerry Kennelly says he expects his company's recent IPO to push the WAFS vendor to at least breakeven, if not profitability, in the final quarter of the year -- despite mounting competition from larger rivals. (See Riverbed Reports Earnings and Riverbed Comes Out at $9.75.)
Riverbed made its first earnings report as a public company Thursday night, claiming $24.6 million in revenue for an increase of 36 percent from the previous quarter and 247 percent from last year. It remained in the red, although losses narrowed to $1 million, or $0.02 per share, compared to a loss of $4.6 million in the previous quarter and $3.5 million a year ago.
Kennelly forecast revenue of $28 million to $30 million this quarter, saying $29 million would be enough to break even.
"We think the IPO enhances our credibility," Kennelly says. "There had been a concern we were a private company with limited capitalization and could disappear at any time."
Kennelly says Riverbed picked up about 300 customers last quarter and has 1,300 in just over two years of shipping products. He says 44 percent of Riverbed customers make repeat purchases, including one firm that accounted for 13 percent of Riverbed's revenue last quarter. That would make it a $3 million-plus order. Riverbed would not name the customer.
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