Foundry almost bucks financial announcements trend

Foundry Networks has come within a whisker of being the first technology company this quarter to release its financial results without reference to the grim economic downturn in the US and the “clouds” that currently surround technology stocks.

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By  Matthew Southwell Published  August 2, 2001

Foundry Networks has come within a whisker of being the first technology company this quarter to release its financial results without reference to the grim economic downturn in the US and the “clouds” that currently surround technology stocks.

Proud to be reporting net revenue for the second quarter of $88.6 million, the switching and routing company has now achieved ten consecutive quarters of profitability. Net revenue for the first six months of 2001 was $171.1 million, compared to the $158.8 million reported for the first six months of 2000.

In addition to a successful second quarter cash-wise, Foundry also introduced more products and features than “any other quarter in the history of the company.” Highlights included its third generation JetCore ASIC chipset and its 10 Gigabit Ethernet products for LAN, MAN, and WAN.

All this, in addition to increased sales in the Asia-Pacific region with customers such as China Telecom, meant that CEO and president Bobby Johnson was keener to talk about the company’s “tremendous effort, dedication, and commitment” rather than anything else.

However, all the good work was undone as, just before signing off, Jackson said: "because the macroeconomic picture for the technology sector in the short term remains cloudy, we will not be providing financial guidance for the current quarter." So close to full marks…

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