Fusion-io shares fall on earnings, outlook
SALT LAKE CITY -- Shares of Fusion-io Inc., a provider of data center technology, tumbled in after-hours trading Wednesday after it said earnings fell 45 percent in its fiscal first quarter, and it offered a weak outlook for the current quarter.
Net income for the developer of computer storage memory platforms fell to $3.9 million, or 4 cents per share, from $7.2 million, or 7 cents per share, a year ago. Last year's quarter included an income tax benefit that boosted earnings.
Excluding stock-based compensation expenses and other items, adjusted earnings in the recent quarter came to 14 cents per share, beating the 7 cents per share expected by analysts, according to FactSet.
Revenue grew 59 percent to $118.1 million from $74.4 million a year ago. That also topped the $111 million expected by analysts.
The company, based in Salt Lake City, expects fiscal second-quarter revenue to be roughly flat with the previous quarter. Analysts forecast $126 million.
For the full year, Fusion-io kept its outlook for revenue to grow 45 to 50 percent from a year ago to $521 million to $539 million. The midpoint of the guidance is slightly below the $532 million that analysts, on average, were looking for.
Shares dropped $2.10, or 7.7 percent, to $25.20 in after-hours trading. The stock closed down 95 cents, or 3.4 percent, at $27.30 in in the regular session.