Barracuda Networks, Inc. (NYSE: CUDA), a leading provider of cloud-enabled security and data protection solutions, reported its financial results for the first quarter of fiscal 2018, with earnings in line with expectations and revenues beating estimates.
According to the company, total revenue rose 9% from $86.7 million the same period last year to $94.2 million in the first quarter ended May 31, 2017, beating estimates of $91.15 million. Subscription revenue, which represents 78% of total revenue, increased 13% to $73.9 million from $65.3 million last year, while appliance decreased from $21.3 million the same period last year to $20.3 million.
In the statement, the company also announced GAAP net income of $2.7 million, or $0.05 per share, compared with $2.8 million, or $0.05 per share in the same period last year. Non-GAAP net income was $10.0 million, or $0.18 per share in the first quarter of fiscal 2018, which was in line with the estimates of $0.18 per share.
“We delivered a strong first quarter exceeding our guidance on both revenue and billings, driven by continued momentum with our email security, public cloud and MSP solutions, which led to 20% core product billings growth year-over-year,” BJ Jenkins, the president and CEO of the company, said in the statement on Monday.
“We plan to continue to invest in the growth opportunities we see in the market and provide new easy-to-deploy and manage solutions that help customers navigate the evolving threat landscape safely and affordably,” he said.