USA - A10 Networks stock is up 30% on Friday: what happened?
Shares of A10 Networks Inc ( NYSE: ATEN ) were up 30% on Friday after reporting market-beating results for its fiscal third quarter. The stock got a further push up as the Board authorised a $100 million share repurchase programme.
Q3 financial performance
A10 Networks said its per-share earnings adjusted for one-time items printed at 17 cents in Q3 that handily beat estimates of 14 cents a share. The California-based firm generated $65.36 million in revenue, also ahead of analysts’ expectations.
On a year-over-year basis, A10’s earnings and revenue were up 31% and 15%, respectively.
In its earnings press release , A10 said sales of its security products in the recent quarter jumped 18%. Its business in the Americas was up 47%, thanks to favourable market conditions and improved commercial execution.
Cash stature, dividend, and future outlook
A10 valued its cash and equivalents as of the end of the third quarter at $20.6 million – a 12.4% increase from last year. The NYSE-listed firm declared a quarterly dividend of 5 cents a share on Friday.
For the fiscal fourth quarter, A10 forecasts a 10% annualised growth in revenue. Commenting on the financial results, CEO Dhrupad Trivedi said:
Our security-led solutions are enabling us to capture market share and driving accelerated growth. Our diversified model is enabling us to successfully navigate regional and logistical challenges. Our business model positions us to meaningfully drive growth and continue to improve the business model.
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