Barracuda shares fall 19% after sales miss expectations
Shares of Barracuda Networks Inc. fell 19% in late trading Tuesday after the security and storage company reported sales slightly below Wall Street expectations and announced an acquisition. The Campbell, Calif., company said its revenue rose 14% to $78.4 million in the fiscal second quarter, up from $68.7 million a year ago. Barracuda lost $2.2 million, or 4 cents a share, in the quarter, reversing a gain of 1 cent a share a year ago. Adjusted for one-time items, the company earned $5.6 million, or 10 cents a share, compared to 8 cents a share a year ago. Analysts polled by FactSet had expected Barracuda to earn an adjusted 9 cents a share on sales of $78.7 million. In a separate statement, Barracuda said it has agreed to buy privately held Intronis, Inc., a data-protection company. Terms of the deal, expected to close in the fiscal third quarter, were not disclosed. Shares of Barracuda had ended the regular session Tuesday down 4.4%.
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