Wireless Ruckus has posted financial results for the fourth quarter of 2012.
The company?s revenue has increased from $41 million in the fourth quarter of 2011 to $62.2 million in the corresponding quarter of 2012. As compared to GAAP net income of $3.2 million in the fourth quarter of 2011 the company has reported a GAAP net income of $1.9 million in the fourth quarter of 2012.
For the financial year 2012, the company?s revenue stood at $214.7 million in comparison to revenue of $120 in the financial year 2011. As compared to the GAAP net income of $4.2 million in 2011, Ruckus Wireless reported GAAP net income of $31.7 million for the corresponding period of 2012. It also reported non-GAAP net income of $42.9 million for the year 2012, as compared to non-GAAP net income of $7.4 million in 2011.
Commenting on the results, Selina Lo, president and chief executive officer, Ruckus Wireless, says, ?The year 2012 was an exciting year for Ruckus Wireless. In addition to completing our initial public offering, we continued to make progress on our business objectives while growing our revenue by 79 per cent and significantly increasing profitability over the previous year,?
Lo adds, ?Our differentiated, carrier-class Wi-Fi technology has positioned us as a leader in the market; we also had the highest revenue growth rate, year-over-year and sequentially, we were among the top five revenue earners in enterprise Wi-Fi. A major beneficiary of the mobile internet movement, Wi-Fi is a secular growth opportunity and Ruckus Wireless is well-positioned to capitalise on it in 2013 and beyond.?
For the first quarter of 2013 ending March 31, 2013, the company expects to generate revenue of about $64 million. It is expecting to generate non-GAAP net income of $0.03 to $0.04 per share with 95 million shares on a diluted basis.
