Friday morning, global supercomputer leader Cray Inc. (NASDAQ:CRAY) shares jump up 32.35% to $29.20 after company reported upbeat third quarter result.
Cray Inc. provides innovative systems and solutions enabling scientists and engineers in industry, academic and government to meet existing and future simulation and analytic challenges. Leveraging more than 40 years of experience in developing and servicing the world's most outstanding supercomputers, Cray offers a comprehensive portfolio of supercomputers and data storage and analytic solutions delivering unrivaled performance, efficiency and scalability. Cray's Adaptive Supercomputing vision is commit on delivering innovative next-generation products that integrate diverse processing technology into a unified architecture, allowing customers to meet the market's continued demand for realized performance.
In the third quarter report, revenue increase 20% from $159.4 million to $191.4 million. Net income increased by 47% to $10.9 million compared with third quarter last year. The third quarter results were driven by the pull in of several big customer acceptances previously expected to be recognized in quarter fourth.
"We had an excellent quarter as we outperformed our revenue target and delivered strong operating results," said Peter Ungaro, president and CEO of Cray. "Our momentum in the market continues to build as we were awarded several new contracts around the world. We are also releasing our preliminary 2016 outlook today, with continued expectations for strong growth and increasing profitability. I'm very pleased with our performance this year and where we are at as we head into the final stretch of 2015, as well as with our opportunity to drive continued success into the future."
Based on upbeat third quarter report, Cray set the initial 2016 revenue guidance of $825 million which means they expect 15% growth compare to the 2014 guidance of $ 715 million. In addition, Peter Ungaro noted Cray plans to launch two new supercomputers in 2016 that rely on next-gen Intel (NASDAQ:INTC) Xeon CPU, and that commercial customers are expected to account for over 15% of 2015 sales.