Tuesday, July 26, 2011

Meru Posts Q2 Revenue of $23.2 Million, up 11% YoY

Meru Networks reported record quarterly revenues of $23.2 million, an increase of 11% year-over-year. Net loss GAAP) was $9.8 million for the second quarter of 2011, or a net loss of $0.56 per basic and diluted share, compared to net income of $901,000, or $0.05 per diluted share, for the same period of 2010.

Products revenues grew 24% year-over-year and 23% from the previous quarter. The company's customer count is now over 5,000 worldwide, an increase in the installed base of approximately 9% from the end of the prior quarter.

"We are pleased with our performance this quarter. We achieved record revenues, surpassed 5,000 customers, and expanded our international footprint, further strengthening our competitive position," said Ihab Abu-Hakima, president and chief executive officer of Meru Networks. "We believe the demand for our platforms further validates our ability to meet the challenges of density, diversity and cost for environments where uncompromising wireless services are essential. We are well positioned to capitalize on what we believe will be inevitable shifts as organizations strive to support the onslaught of wireless devices and meet the expectation of ubiquitous WiFi access by mobile users." http://www.merunetworks.com/

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