Product revenue increased 50% to $112.2m
IT infrastructure company Riverbed Technology has reported revenue of $164m for the first quarter of 2011, an increase of 45% compared to $112.4m for the first quarter of 2010.
The company’s product revenue increased 50% year-over-year to $112.2m and service revenue increased 36% year-over-year to $51.4m.
The company posted an operating profit of $21.5m for the first quarter, compared to an operating income of $2.1m for the same period last year.
For the quarter ended 31 March 2011, the company posted net income of $13.1m, or $0.08 per share, compared to a net income of $1.1m, or $0.01 per share in the same quarter a year ago.
Riverbed chairman and CEO Jerry Kennelly said they are pleased with the strong results they generated in the first quarter.
"We demonstrated solid execution. Top-line expansion was fueled by 50% year-over-year product revenue growth, and our operating profit more than doubled over the prior year period," Kennelly said.