Radware Warns on Revenue as Customer Spending Shifts to Subscriptions; Expenses Remain Elevated
On Oct. 10, Radware announced weak preliminary results for its third quarter, citing a much stronger than anticipated revenue mix shift from product sales (recognized up front) to subscriptions services (recognized over the period of the contract and, in turn, reducing third-quarter revenue). Revenue is now expected to be $47 million, which is below the firm’s earlier guidance of $50 to $53 million. Gross margin and non-GAAP operating expenses are expected to remain largely in line with guidance...Radware sells application delivery and network security products, which it sometimes refer to as its devices, that are delivered on top of a unified hardware switching platforms family with various levels of processing power, throughput, port density, and speed depending on the selected model. Co.'s products run different configurations of embedded software to deliver features specific to the intended operation of the appliance. Multiple Radware devices can be managed through Co.'s common management tool and dashboard (Apsolute Vision). This market sector is comprised of a few solution domains, among which Co. focuses on two: Application Delivery and Network Security.
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