Foundry Networks Posts Q1 Revenue of $150 Million

Foundry Networks reported Q1 2008 revenue of $150.1 million, compared to $135.8 million in the first quarter of 2007 and compared to $168.7 million in the fourth quarter of 2007, an increase of 10.5% year-over-year. Net income was $13.9 million, or $0.09 per diluted share, compared to net income of $9.1 million, or $0.06 per diluted share, in the first quarter of 2007, and net income of $28.9 million, or $0.18 per diluted share, in the fourth quarter of 2007.


"While Foundry experienced a challenging environment during the first quarter, we still achieved over 10% growth year-over-year," said Bobby Johnson, President and CEO of Foundry Networks. "As the overall macro environment stabilizes, we believe the recent investments we've made in our sales organization and product portfolio will have a positive impact on our business."http://www.foundrynet.com