UPDATE 1-Brocade quarterly rev misses forecast, shares drop

* Fiscal Q2 EPS ex items $0.13 vs Wall St. view $0.12

* Q2 revenue dip 1.1 pct, slightly below view

* Shares fall 11 percent

SAN FRANCISCO, May 20 (BestGrowthStock) – Brocade Communications
Systems Inc (BRCD.O: ) on Thursday reported lower quarterly
revenue that narrowly missed Wall Street expectations and its
shares slid 11 percent.

The maker of routers and other network gear, which competes
with much-larger Cisco Systems Inc (CSCO.O: ), reported a net
profit of $22.4 million, or 5 cents per share in the fiscal
second quarter, compared with a loss of $66.1 million, or 17
cents a share, a year earlier.

Earnings, excluding items, were 13 cents a share versus 11
cents per share a year earlier. That was more than analysts’
average estimate of 12 cents a share, according to Thomson
Reuters I/B/E/S.

Revenue slipped 1.1 percent year-over-year to $501.0
million from $506.3 million. Wall Street had expected revenue
of $503.2 million.

U.S. stocks (Read more about the stock market today. ) dropped sharply on Thursday on growing fears
that the euro zone’s handling of its sovereign debt crisis
could jeopardize the global economic recovery.

Shares in Brocade fell 11 percent in after-hours trade to
$5.25, after closing 3.14 percent lower on Nasdaq.

Investment Basics

(Reporting by Noel Randewich; Editing by Richard Chang)

UPDATE 1-Brocade quarterly rev misses forecast, shares drop