Radware Beats On Q1 Earnings

Radware Ltd RDWR reported first-quarter FY21 revenue growth of 11% year-on-year to $67 million, exceeding the high end of the company guidance and beating analyst consensus of $64.6 million.
America's revenues rose 15% to $33.7 million, EMEA rose 16% to $21.1 million, while Asia-Pacific (APAC) declined 5% to $12 million.
Non-GAAP operating income rose 55% to $7.5 million.
Non-GAAP net income rose 21.2% to $8 million and adjusted EPS of $0.17, surpassed the high end of guidance and beat the analyst consensus of $0.14.
The company held $435.3 million in cash and equivalents and generated $16.2 million in operating cash flow.
Radware spent $30.2 million in share buybacks.
The company continues to focus on its security and cloud offerings amid an increased level of infrastructure and application attacks, CEO Roy Zisapel said.
Guidance: Radware will discuss the financial outlook at the earnings call today.
Price action: RDWR shares closed lower by 0.69% at $27.39 on Tuesday.