Why Barracuda Networks Inc. Stock Fell Today

Shares of Barracuda Networks Inc. (NYSE: CUDA) were down 10.7% as of 11:55 a.m. EDT Wednesday despite the company announcing reasonably solid fiscal second-quarter 2018 results.

More specifically for its second quarter ended August 31, 2017, Barracuda Networks' revenue climbed 7.3% year over year to $94.3 million, as a 12.8% decline in appliance revenue (to $18.3 million) was more than offset by a 13.6% growth in subscription revenue to $76 million. On the bottom line, that translated to adjusted net income of $9.1 million, or $0.17 per share, down from $11.4 million, or $0.21 per share in the same year-ago period.

By comparison, last quarter Barracuda Networks told investors to expect lower revenue in the range of $92 million to $94 million, and adjusted earnings per share of between $0.16 and $0.18.

Source: Fool.com