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Brocade 2Q results in line
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May 15, 2001: 4:48 p.m. ET
But earnings dip below year-ago levels for supplier of fiber-optic switches
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NEW YORK (CNNfn) - Brocade Communications Systems Inc. posted Tuesday a near-10 percent drop in second-quarter net income, results that were in line with Wall Street expectations.
San Jose, Calif.-based Brocade (BRCD: up $2.41 to $42.50, Research, Estimates) reported second-quarter net income of $12 million, or 5 cents a diluted share, compared with $13.3 million or 6 cents a share for the same time period last year.
Earnings tracker First Call had expected 5 cents for the quarter.
Revenue for the supplier of fiber-optic switches that link computer-storage networks rose nearly 86 percent to $115.2 million, while income from operations fell nearly 20 percent to $12.7 million for the quarter.
In April, Brocade warned that it second-quarter profit would be half of what Wall Street had expected.
The second quarter was the low-water mark for technology firms, Brocade CEO Greg Reyes said.
"As enterprise capital spending continues to thaw, we are well positioned for growth in the latter part of fiscal 2001," Reyes said in a statement. 
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