Press Release: Mellanox Achieves Record Quarterly Revenue in the Third Quarter 2016
Last update: 27/10/2016 4:05:01 pm
Mellanox Achieves Record Quarterly Revenue in the Third Quarter 2016
Quarterly Revenue Growth of 31 Percent Year-over-Year to $224.2 Million
25/50/100 Gigabit Ethernet Revenues Grew 72 Percent Sequentially
InfiniBand Revenues Grew 9 Percent Sequentially
SUNNYVALE, Calif. & YOKNEAM, Israel--(BUSINESS WIRE)--October 27, 2016--
Mellanox(R) Technologies, Ltd. (NASDAQ:MLNX) today announced financial results for its third quarter ended September 30, 2016.
"We are pleased to report the sixth consecutive quarter of record revenue. We see strong customer adoption of our 25/50/100 Gigabit Ethernet solutions. We believe the transition to 25/50/100 Gigabit Ethernet provides Mellanox significant growth opportunities due to our first mover advantage. We saw strong sequential growth in our InfiniBand business, driven by continued adoption of our 100 Gigabit EDR solutions, " said Eyal Waldman, president and CEO of Mellanox Technologies. "Our third quarter results show continued leadership in both Ethernet and InfiniBand, and we expect growth to continue, driven by our interconnect and processor technologies."
Third Quarter 2016 Highlights
-- Revenues of $224.2 million increased 4.4 percent, compared to $214.8
million in the second quarter of 2016.
-- GAAP gross margins of 65.1 percent in the third quarter compared to 62.8
percent in the second quarter of 2016.
-- Non-GAAP gross margins of 71.8 percent, compared to 71.4 percent in the
second quarter of 2016.
-- GAAP operating income was $14.5 million, compared to $6.6 million in the
second quarter of 2016.
-- Non-GAAP operating income was $49.2 million, or 22.0 percent of revenue,
compared to non-GAAP operating income of $45.5 million, or 21.2% percent
of revenue in the second quarter of 2016.
-- GAAP net income was $12.0 million, compared to $4.7 million in the second
quarter of 2016.
-- Non-GAAP net income was $46.2 million, compared to $42.7 million in the
second quarter of 2016.
-- GAAP net income per diluted share was $0.24 in the third quarter compared
to $0.09 in the second quarter of 2016.
-- Non-GAAP net income per diluted share was $0.93 in the third quarter
compared to $0.87 in the second quarter of 2016.
-- $48.7 million in cash was provided by operating activities, compared to
$44.8 million in the second quarter of 2016.
-- Cash and investments totaled $292.4 million at September 30, 2016,
compared to $276.5 million at June 30, 2016.
Fourth Quarter 2016 Outlook
We currently project:
-- Quarterly revenues of $222 million to $228 million
-- Non-GAAP gross margins of 71 percent to 72 percent
-- An increase in non-GAAP operating expenses of 2 percent to 4 percent
-- Share-based compensation expense of $17.4 million to $17.9 million
-- Non-GAAP diluted share count of 49.8 million to 50.3 million shares
Recent Mellanox Press Release Highlights
-- October 3, 2016 Open Ethernet Gains Further Momentum with Deployment
of Standard Linux Operating Systems over Ethernet
Switches
-- September 28, 2016 Mellanox Delivers Advanced Network Capabilities and
Crypto Functions with New Innova IPsec 10/40G
Ethernet Adapters
-- September 27, 2016 Mellanox and Micron Smash 1 Terabit per Second
Storage Performance Record with Windows Server 2016
-- September 17, 2016 Mellanox Technologies and Oclaro Team Up to Connect
100Gb/s PSM4 Silicon Photonics to Next Generation
25Gb/s LR Transceivers for Servers and Storage
-- September 6, 2016 Mellanox and Cumulus Deliver First Complete
10/25/50/100 Gb/s Ethernet Open Networking Switch
Portfolio
-- September 5, 2016 Mellanox Launches 25 Gb/s Ethernet SFP28 Optical
Transceivers and Active Optical Cables for Data
Center Networks
-- August 31, 2016 Mellanox Ethernet Solutions Accelerate Germany's
Most Advanced Cloud Data Center
-- August 29, 2016 Mellanox Ethernet Offload Engines Enable New Levels
of Application Efficiency With VMware vSphere
-- August 23, 2016 Mellanox Expands Asia-Pacific Presence, New
Singapore Headquarters and State-of-the-Art
Solutions Centre to Strengthen Footprint in Asia
-- August 16, 2016 Mellanox Demonstrates Accelerated NVMe Over Fabrics
at Intel Developers Forum |
