Monday, April 13, 2015

Aerohive to Miss on Q1 Financials

Aerohive announced preliminary results for Q1, saying it now expects net revenue to be in the range of $25 million to $26 million, which is below the company's previously stated guidance of $29 million to $31 million.

“While our international business performed to expectations, our North America business fell well short of expectations,” stated David Flynn, President and Chief Executive Officer. “This result primarily reflects the combination of significantly lower than expected U.S. education business during the quarter, orders received late in the quarter that could not be recognized as revenue, and continued sales execution challenges that we have seen during the last few quarters. Despite this result, we remain confident in the business opportunity before us as we continue to take actions to improve execution and our results, including the hiring of our new sales leader.”

Separately, Aerohive announced the appointment of Tom Wilburn as Senior Vice President, Worldwide Sales. Wilburn most recently was Vice President of Global Enterprise Networking Sales at Cisco.