Extreme Networks Inc Stock Price, News & Analysis

Extreme Networks has enhanced its ExtremeCloud™ SD-WAN platform with integrated network fabric capabilities. This upgrade allows customers to securely connect diverse environments such as data centers and remote locations within a single interface. Key improvements include automated workflows, enhanced user experience, and reduced deployment time by over 90%. Additionally, customers can boost application performance and network security through hyper-segmentation. The new IPE2200 hardware supports 10 Gbps, targeting high-bandwidth applications. These advancements position Extreme Networks to better serve a distributed workforce and compete effectively in the cloud networking market.

Extreme Networks (NASDAQ: EXTR) has appointed Justin Hurst as the Head of the Office of the CTO for the Asia-Pacific region. Hurst aims to enhance the company’s presence in APAC by collaborating with customers and partners to identify technology trends and business opportunities. With over 20 years of experience, including his role as Field CTO at Nutanix, Hurst will leverage his expertise to drive broader adoption of Extreme's cloud networking solutions. The company views APAC as a significant growth area, and Hurst's leadership is expected to create immediate impact and align product innovation with regional needs.

Extreme Networks (NASDAQ: EXTR) announced the resignation of CFO Rémi Thomas, effective February 16, 2023, as he takes a new role at a private software company. The firm has engaged an executive search firm to find a successor. In the interim, Senior VP Cristina Tate will serve as acting CFO. CEO Ed Meyercord praised Thomas for his contributions, particularly during acquisitions and navigating supply chain challenges. Tate, with a strong background in finance, is expected to ensure a smooth transition as the company anticipates accelerated growth.

Extreme Networks, Inc. (Nasdaq: EXTR) reported Q2 FY23 revenues of $318.3 million, a 13% increase year-over-year and 7% quarter-over-quarter. SaaS ARR reached $115 million, growing 29% year-over-year. GAAP diluted EPS was $0.13, up from $0.10 last year, while non-GAAP diluted EPS increased to $0.27 from $0.21. Gross margins improved to 57.1% GAAP and 58.5% non-GAAP. The company raised its FY23 revenue outlook to the higher end of 10-15%, citing strong demand mainly in government, education, and healthcare sectors. Operating cash flow was $70.6 million with free cash flow at $67.5 million.

Extreme Networks, Inc. (NASDAQ: EXTR) has announced that customers worldwide, including major locations like Harry Reid International Airport and Green Bay Area Public Schools, are using its network fabric solutions. These solutions simplify network management, enhance security, and improve operational efficiency. Key benefits include decreased attack surfaces, robust performance in varying environments, and advanced automation capabilities for scaling network services. The company’s innovations support connectivity across diverse sectors, ultimately turning networks into profit centers.

Extreme Networks (Nasdaq: EXTR) will release its financial results for the second fiscal quarter ended December 31, 2022 before market open on January 25, 2023. An earnings conference call will be held at 8:00 a.m. ET. Investors can access the webcast on the company’s investor relations website. Extreme Networks is a leader in cloud networking, serving over 50,000 customers globally with innovative solutions leveraging machine learning and analytics.

Extreme Networks has been recognized as a Leader in the Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure for the fifth consecutive year. Since the last report in 2021, it has expanded its product offerings, including the launch of the first outdoor Wi-Fi 6E access point and enhancements to its ExtremeCloud IQ platform. Customers benefit from increased deployment flexibility, reduced configuration time, and dedicated support throughout the network lifecycle. The ongoing recognition highlights Extreme's commitment to innovation and customer-focused strategy.

Extreme Networks has launched a Wi-Fi 6 network at City, University of London, providing connectivity to over 18,000 students and 2,000 staff. This upgrade promises 99.9% uptime and simplifies network management with the ExtremeCloud IQ platform. Benefits include enhanced learning experiences through faster speeds and low latency, along with improved operational efficiency for IT staff. The solution integrates seamlessly with existing infrastructure, facilitating better security and control across the campus.

Extreme Networks reported a record revenue of $297.7 million for Q1 FY23, reflecting an 11% year-over-year increase. SaaS ARR surged to $111 million, a 41% growth from last year. Despite a slight decline in GAAP diluted EPS to $0.09, non-GAAP diluted EPS stood at $0.20. The company maintains an optimistic FY23 revenue growth outlook of 10-15% and aims to exceed 60% gross margin. Notable contracts include collaborations with Minor League Baseball and Hana Bank. Total net cash provided by operations reached $49.7 million.