Press release
Extreme Networks Reports Third Quarter Fiscal Year 2020 Financial Results
Cloudifies edge portfolio with 4th generation platform; Application traffic on ExtremeCloud IQ grows 50% from nearly 1.2M connected devices SAN JOSE, Calif.,
About this update from Extreme Networks, Inc.
[{"type":"text","content":"Cloudifies edge portfolio with 4th generation platform; Application traffic on ExtremeCloud IQ grows 50% from nearly 1.2M connected devices\n\n\nSAN JOSE, Calif., May 11, 2020 /PRNewswire/ -- Extreme Networks, Inc. (\"Extreme\") (Nasdaq: EXTR) today released financial results for its fiscal third quarter ended March 31, 2020. \n\n \n \n \n \n \n \n\n \nFiscal Third Quarter Results: \nRevenue $209.5 million, down 16% year-over-year and down 22% quarter-over-quarter GAAP EPS $(0.37), down from $(0.06) year-over-year Non-GAAP EPS $(0.14), down from $0.08 year-over-year GAAP gross margin 53.1% compared to 55.4% in Q3 last year Non-GAAP gross margin 56.7% compared to 57.6% in Q3 last year GAAP operating margin (18.3)% compared to (0.9)% in Q3 last year Non-GAAP operating margin (5.1)%, compared to 5.6% in Q3 last year Net cash provided by operating activities of $5.2 million Free Cash Flow of $2.0 million \"I want to thank our employees for their dedication to our business initiatives and our customers. We reported Q3 results in-line with our earnings outlook update issued April 8. As we said then, the COVID-19 health crisis and resulting economic fallout remains an unprecedented headwind. Despite this backdrop, we are happy to say that we did not experience any material change in the competitive environment and continue to maintain large-scale deployments with improved visibility and confidence in our pipeline. We believe we will be able to execute on these opportunities in time,\" stated Ed Meyercord, President and CEO of Extreme Networks. \n\"Even with these challenges, we took actions in the quarter to further strengthen our business. To address market needs, we accelerated our efforts to 'cloudify' our portfolio and continued to roll out new products. Our teams executed on these initiatives ahead of schedule, despite operating in a remote work environment. With global priorities around business continuity and cloud-based networking becoming more important than ever, we believe we are well-positioned to capture the long-term market opportunity. We will weather this challenge and I am confident Extreme will emerge from this as a stronger and more cohesive company,\" concluded Meyercord.\nRemi Thomas, CFO of Extreme Networks, noted: \"We continued to take actions to further strengthen our balance sheet. During Q3 we delivered posit...