Boston, MA 04/25/2014 (wallstreetpr) – Barracuda Networks Inc. (NYSE:CUDA) continues to surge in the market by highs of 3.78% after reporting record billings and revenue for the first quarter. Cash flow metrics consequently grew as a result of the record billings and revenue.
This comes at the back of being ranked number one in integrated purpose built backup appliance (PBBA) units. This was as a result of finishing 2013 with a 53.7% market share in integrated PBBA units with the company showing positive market momentum.
The growth in the market has been attributed to the company’s end to end backup solutions that continue to be selected consistently by customers. The company is currently expanding its Barracuda Backup-as-a-Service offering. This offering will allow Barracuda Backup 190 and 390 appliances to be bundled to provide additional flexibility.
Barracuda Backup-as-a-Service 190 and Barracuda-as-a-Service 390 are available in the U.S and other selected countries outside the U.S. The list price for the former starts at $1,199 with the latter going for as low as $2999.
Fourth quarter Business highlights
Gross billings for the quarter grew by 18% to $82 million with revenue also growing by 15% to $60.3 million. The growth in revenue and gross billings come’s as Barracuda extended its NG Firewall model range to improve company’s securities and user experience.
During the fourth quarter, the company also announced the availability of Barracuda NG Firewall to be used in both Microsoft Azure as well as Amazon web services. Barracuda Networks Inc. (NYSE:CUDA) also launched its own spam firewall in AWS Marketplace.
Barracuda has already achieved 5-Star ratings in the CRN 2014 partner program having been named network computing security product of the year. This marked the second consecutive year that the company has achieved this milestone.
Financial Highlights
GAAP net loss for the quarter clocked at $3.6 million with a Non GAAP net income of $5.1 million based on a diluted share of 49.1 million. This comes as the company announced early in the month a primary sponsorship to global Rallycross rookie driver Austin Dyne.
