Boston, MA 07/17/2013 (wallstreetpr) – The shares of DragonWave, Inc.(USA) (NASDAQ:DRWI) rose by 9.00% to close at $3.15 in trading session of Tuesday, July 16. After opening at $3.00, the stock exhibited an intraday high of $3.21. With an average volume of 153,482.00 shares in last 90 trading sessions, a very high number of 409,448.00 shares were traded in Tuesday session.
Market reacted on a positive note to DragonWave, Inc.’s (USA) first quarter ending May 31 2013 financial result on 10th July 2013. Growth in revenue for the first quarter of fiscal year 2014 was up almost 200 % as compared to revenue in the first quarter of fiscal year 2013. Company stuck a deal with Nokia Siemens Networks in the month of April 2013 which has resulted in increase in revenue in by almost 57% of the total earnings of the company. Some of the highlights of the financial result include:-
– Increased Cash reserve due to payment of $13.8 million by Nokia Siemens Networks to DragonWave, Inc.(USA) in the quarter.
– Major expansions anticipated in their existing service provider customers like India, Southeast Asia and Africa.
– DragonWave, Inc.(USA) diversifying in the Cisco® Small Cell Wireless Backhaul Ecosystem.
– Small cell wireless backhaul deployment with a major Asian carrier.
– 46% reduction in operating expenses by Integration and restructuring activities.
With strong focus on revenue growth and improving margins, as being declared by DragonWave, Inc.’s (USA) President and CEO, Peter Allen, company has made progress on multiple fronts. Company’s forward looking statements have given a boost to their market standing. Some of the declarations like collaboration with Nokia Siemens Networks to strengthen their relationship by building the sales funnel for microwave, entering into direct relationships in the United States and India for customer network expansions and develop direct customer relationships, efforts to reduce operating expenses, focus on revenue growth and margin indicate the growth oriented sentiments of the company.
