Welcome to our dedicated page for Extreme Networks news (Ticker: EXTR), a resource for investors and traders seeking the latest updates and insights on Extreme Networks stock.
Extreme Networks develops AI-powered cloud networking products for enterprise, campus, venue, healthcare, education and public-sector environments. The company’s updates commonly cover Extreme Platform ONE, AI automation, analytics, network security, wired and wireless infrastructure, SD-WAN capabilities, and Wi-Fi 7 access points managed through its cloud platform.
News for EXTR also includes customer deployments in high-density venues and campuses, platform enhancements, third-party device management, autonomous networking features such as Extreme Agent ONE, quarterly financial results, SaaS annual recurring revenue trends, supply-chain actions, guidance updates and investor conference participation.
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Extreme Networks has announced a partnership with Kroger to enhance in-store operations through cloud networking solutions. By deploying ExtremeCloud IQ and Wi-Fi 6E access points, Extreme aims to create more engaging shopping experiences and streamline operations at Kroger stores. Key features include services like 'scan-as-you-go' and inventory location applications, which will leverage network capacity and improve IoT device performance. The initiative is expected to transform the network into a profit center rather than a cost center, providing Kroger with a comprehensive view of its network performance.
Extreme Networks reported record financial results for Q3 FY23, with revenue reaching $332.5 million, a 16% year-over-year increase. SaaS ARR also grew by 22%, totaling $117 million. GAAP diluted EPS rose to $0.17, up 70% from last year. The company achieved a 57.7% GAAP gross margin and 8.9% operating margin, reflecting improvements in supply chain management and operational execution.
Management raised the full-year revenue outlook to a midpoint of 16% growth and anticipates Q4 revenue growth exceeding 20% year-over-year. The company also repurchased 1.35 million shares for $25 million, reducing net debt to $34 million.
Extreme Networks has announced the appointment of Kevin Rhodes as the new Executive Vice President and Chief Financial Officer, effective May 30, 2023. With extensive experience in SaaS organizations, Rhodes aims to enhance the company's strategic direction and financial initiatives crucial for long-term growth. Previously, he served as CFO at Duck Creek Technologies, where he contributed to a successful acquisition by Vista Equity Partners for $2.6B, highlighting his capability in driving operational excellence. Ed Meyercord, CEO of Extreme, expressed confidence in Rhodes' skills to foster Annual Recurring Revenue (ARR) growth and improve margins. This leadership change comes as Extreme Networks seeks to expand its market presence and continue its trajectory of growth.