Riverbed posted $0.03 EPS non-GAAP (loss on GAAP) and revenues were $33.8 million. This was the first profitable non-GAAP quarter and it added 300 customers, so it appears to have come public at the right time. The problem is that it simultaneously announced a secondary offering of 5 million shares of common stock, and 2.65 million are coming from selling holders. Shares are now down 9% to $32.00 in after-hours trading.
This one is highly watched and discussed because Jim Cramer touted this name before as the upscale high-performance wide area network player. Back on December 21 he said you should sell some if you originally bought since it was up so much, but he did also say it is a Keeper and not done. He was positive on this one before then too.
This stock was under $20.00 after its September IPO and ran to $35 before the end of December. While it si close to recent highs that is above the $35 peak, it has spent most of the time since the end of December in a channel of $30.00 to $35.00. Its market cap as of the close today was $2.33 Billion.
Jon C. Ogg
February 7, 2007
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