Isilon Quarter Profit JumpsBy Reuters | Posted 2010-07-23 Email Print
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IT storage technology upstart Isilon reported profits that were double Wall Street expectations after adding a record number of new customers.
July 22 (Reuters) - Isilon Systems Inc (NASDAQ:ISLN) posted a quarterly profit that was double Wall Street expectations and raised its full-year revenue growth view, sending shares of the data storage firm to a three-year high.
For the second quarter, the company posted net income of $2 million, or 3 cents a share, compared with a loss of $3.7 million, or 6 cents a share in the year-ago period.
Excluding items, profit was 6 cents a share.
Revenue jumped 56 percent to $45.1 million.
Analysts were expecting a profit of 3 cents a share and revenue of $40.6 million, according to Thomson Reuters I/B/E/S.
The company's quarterly performance was helped by a "record number of new customers."
Isilon added 97 new customers and new customer product revenue mix was 28 percent in the quarter, company spokesperson Chris Blessington said.
The company now expects revenue growth in the low-to-mid 40 percent range, compared with its prior forecast of mid-30 percent range.
Analysts' average revenue estimate for 2010 is $168.6 million, or 36 percent rise from 2009.
Isilon expects to generate operating margins, excluding items, in the 7 percent to 10 percent range. It had previously forecast a range of 6 percent to 8 percent.
Shares of Isilon were trading up 21 percent at $16.46 in morning trade Thursday on Nasdaq. They had touched a high of $16.67, or 23 percent, earlier in the session. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Maju Samuel)