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Barracuda Networks faces $2.2m loss

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2 October 2015

Cloud-connected security and storage solutions company, Barracuda Networks, is facing a net loss of $2.2 million for its second quarter of fiscal 2016 year results, ending 31 August 31 2015.

This comes up to a $0.04 loss per share, based on a basic share count of 53.3 million.

The company’s president and CEO, BJ Jenkins, said the currency environment and longer sales cycles which it experienced in Europe, Middle East and Africa in the second quarter impacted its gross billing performance.

In addition, he said there is evidence of the overall storage market slowing down and an evolution in customer requirements.

“We are adjusting our approach accordingly,” Jenkins said.

But Jenkins is optimistic about the future of the company. He said the pending acquisition of Intronis is also expected to boost the company’s presence and increase its market reach.

“We are excited about our pending acquisition of Intronis because it will significantly expand our presence with managed service providers, and enables Barracuda to reach more of the market, by offering storage and security solutions the way customers want to consume them,” he said.

IDG News Service

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