Foundry Networks reports rising revenues

Foundry Networks has posted net revenues for the second quarter of $75 million, up 20% on the previous quarter.

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By  Mark Sutton Published  July 30, 2002

Foundry Networks has posted a 20% rise in revenues from the first quarter to the second quarter. Net revenues rose from $62.4 million to $75 million in the period ending June 30th. The results marked the thirteenth profitable quarter for the company.

“Our results this quarter are the culmination of several factors that ultimately reflect Foundry's execution of its strategy,” stated Bobby Johnson, president and CEO of Foundry. “Many of our new cost-competitive products are being deployed where price sensitivity is a leading factor. At the high end, revenues of our best-of-breed JetCore products more than doubled as both new and existing feature-oriented customers adopted these products for their networks. We added more new customers this quarter than in any quarter since 2000 and we exited the quarter with a solid backlog position.”

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