IP Networking business revenue did well too at $171.8 million, which is 11 percent year-over-year but down seven percent quarter-over-quarter. Storage area networking, in particular, was a bright spot for Brocade in Q1 with a record-high revenue of $416.9 million, up three percent year-over-year and up six percent sequentially. 17, 2017 /PRNewswire/ - Broadcom Limited (NASDAQ: AVGO) (" Broadcom" ), a leading semiconductor device supplier to the wired, wireless, enterprise storage, and industrial end markets, today announced that it has completed its acquisition of Brocade Communications Systems, Inc. I am excited and honored to navigate the company forward, delivering on these customer requirements in a way that drives top-line revenue through both innovation and operational efficiency. It is clear that customers are looking for new technologies and approaches in networking to meet these challenges. Looking forward, I see new opportunities emerging in the networking industry due to disruptive IT market trends that are challenging the capabilities of today's networks. In prepared remarks, CEO Lloyd Carney highlighted storage and IP networking businesses as strong spots for the quarter while offering a light plan about his objectives:Īs the new CEO, it is my top priority to ensure that the company continues to execute well in our core businesses to drive growth and shareholder value.
Brocade was acquired by Broadcom Limited in November 2017 and has retired most of its debt. Likely due to the earnings loss, Brocade shares were down slighly by 1.2 percent in after hours trading. New York, Ma- Moodys Investors Service ('Moodys') has withdrawn all of Brocade Communications Systems, Inc.s ratings including its Ba1 Corporate Family rating and rating on its Convertible Notes due 2020. Wall Street was expecting Brocade to report first quarter earnings of 16 cents a share on revenue of $575.6 million. Non-GAAP earnings were 21 cents a share on a revenue of $588.7 million. The networking solutions company reported a net loss of $21 million, or five cents a share ( statement). Despite a loss attributed to changes in California tax codes, Brocade's revenue for the first fiscal quarter of 2013 soared over analyst expectations.