Shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) ended Thursday session in green amid volatile trading. The shares closed up +0.08 points or 0.89% at $9.06 with 6.20 million shares getting traded. Post opening the session at $8.99, the shares hit an intraday low of $8.90 and an intraday high of $9.08 and the price vacillated in this range throughout the day. The company has a market cap of $3.54 billion and the numbers of outstanding shares have been calculated to be 400.68 million shares.
Brocade Communications Systems, Inc. (BRCD) on Aug 25, 2016 reported financial results for its third fiscal quarter ended July 30, 2016. These results include approximately two months of financial results from Ruckus Wireless, which was acquired on May 27, 2016. Brocade reported third quarter revenue of $591 million, up 7% year-over-year and up 13% quarter-over-quarter. The Company reported GAAP diluted earnings per share (EPS) of $0.02, down from $0.21 in Q3 2015 and from $0.11 in Q2 2016. The year-over-year and sequential declines in GAAP EPS were primarily the result of acquisition-related items, including the lower gross margin associated with acquired inventory and deferred revenue, acquisition and integration costs, and increases in the amortization of intangible assets and stock-based compensation. These items were partially offset by the favorable resolution of a tax audit. Non-GAAP diluted EPS was $0.21 for Q3 2016, down 21% year-over-year and down 2% quarter-over-quarter. The year-over-year decline in non-GAAP EPS was primarily due to the acquisition-related purchase accounting adjustments, unfavorable revenue mix, and higher operating expenses.
“Against the backdrop of a mixed macro environment, we posted solid results, with total revenue at the high end of our outlook range,” said Lloyd Carney, CEO of Brocade. “During Q3, we also continued the momentum of new product innovations across our portfolio, building a solid foundation for business growth and expansion of our addressable markets. Furthermore, with the successful completion of our acquisition of Ruckus Wireless in the quarter, we are pleased to welcome this talented and committed team to the Brocade family. Our combined strengths open up new opportunities and distinguish Brocade as a pure-play networking company for the digital transformation era.”
Shares of Verizon Communications Inc. (NYSE:VZ) ended Thursday session in green amid volatile trading. The shares closed up +0.23 points or 0.44% at $52.56 with 9.99 million shares getting traded. Post opening the session at $52.14, the shares hit an intraday low of $52.04 and an intraday high of $52.71 and the price vacillated in this range throughout the day. The company has a market cap of $214.50 billion and the numbers of outstanding shares have been calculated to be 4.08 billion shares.
Verizon Communications Inc. (VZ) on Sept. 1, 2016 announced that Francis J. (Fran) Shammo plans to retire at the end of 2016 after 27 years with the company. Prior to his retirement, he will step down as executive vice president and chief financial officer, effective Nov. 1.
Verizon’s Board of Directors appointed Matthew D. (Matt) Ellis to succeed Shammo as executive vice president and CFO. Ellis is currently senior vice president and CFO – Operations Finance, responsible for providing financial support to Verizon’s wireless and wireline business units.
Verizon Chairman and CEO Lowell McAdam said, “I’ve worked closely with Fran for many years and have been continually impressed by his success at balancing the needs of customers, shareholders and employees. He has been a tremendous leader, and a voice of sound advice and counsel to me and the rest of Verizon’s leadership team. While Fran will be greatly missed, I respect his decision to retire, and I am pleased that he will stay through year-end to ensure a smooth transition.”
McAdam added, “I’m also pleased that we have such great bench strength at Verizon that our Board could appoint an executive as accomplished as Matt Ellis to succeed Fran. Within months of joining Verizon as treasurer in 2013, Matt led the team that raised a record $49 billion in one day to help finance Verizon’s acquisition of Vodafone’s interest in Verizon Wireless.”
Shammo said, “This is a great time for me to make this personal move. For Verizon, 2016 has been a significant transformational year, and I will leave knowing that the company is well-positioned to deliver on its strategic initiatives.”