Technology component company Ixia on Tuesday announced first-quarter earnings that beat Wall Street estimates.
The Calabasas company, which provides security software for computer networks, reported a net loss of $2.7 million (-3 cents a share) for the quarter ended March 31. That’s better than the net loss of $9.6 million (-12 cents) in the same period a year earlier. However, revenue dropped 7 percent to $112 million.
Taking one-time events into account, the company had adjusted net income of 9 cents a share. Analysts on average expected the adjusted net to equal 7 cents on revenue of $112.1 million, according to Thomson Financial Network.
Chief Executive Bethany Mayer said the company was well positioned to capitalize on technology trends in cloud networks and Internet service providers with its security expertise and test products.
“We are continuing to focus on investing in leading edge technologies that address ongoing complex networking and security challenges and foster growth for our business over the long term,” Mayer said in a prepared statement.
Results were announced after the market closed. Shares of Ixia closed down 43 cents, or more than 4 percent, to $9.55 on the Nasdaq.