EXTR - Extreme Networks beats Q1 top and bottom line estimates; initiates Q4 and raises FY23 outlook

April, 26 2023 07:14 AM Extreme Networks Inc.

2023-04-26 07:14:19 ET

Extreme Networks press release ( NASDAQ: EXTR ): Q3 Non-GAAP EPS of $0.29 beats by $0.03 .
Revenue of $332.5M (+16.5% Y/Y) beats by $13.07M .
Non-GAAP gross margin 59.1%, compared to 58.0% in Q3 last year.
Non-GAAP operating margin 15.6%, compared to 12.5% in Q3 last year.
Net cash provided by operating activities of $48.2 million.
Free cash flow of $45.8 million.
"We've raised our full year FY23 revenue outlook to 16% year-over-year, which is the midpoint of our guidance. We remain committed to our long-term outlook of mid-teens topline growth and margin expansion through FY25."
For its Q4 of fiscal 2023, ending March 31, 2023, the company is targeting: Total net revenue of $340.0M- $350.0M vs. consensus of $332.39M; Net income per diluted share $0.16-$0.22; Non-GAAP Net income per diluted share of $0.28-$0.34 vs. consensus of $0.30. Non-GAAP Gross margin of 59.0%-61.0%; Non-GAAP Operating margin of 15.5%- 17.3%.

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