Outside of companies with big exposure to carrier spending, this has been a fairly upbeat quarter for tech hardware companies. Riverbed Technologies (Nasdaq:RVBD) wrecked that idyll to some extent on Thursday, warning investors that expectations for 2012 were too high. Although investors are booting this stock out of their portfolios on the day after earnings, a closer look at what's going on suggests a possible opportunity may be developing for patient investors.
Good Fourth Quarter Earnings, but...
Riverbed posted pretty solid results for the fiscal fourth quarter. Revenue rose 23% from last year and 7% from the prior quarter, leading the company to beat the average estimate by a few million dollars. Product revenue was up 6% and ex-government revenue from enterprise customers was up strongly at 23%. Also encouraging, Riverbed's recovery in Europe continues, though the U.S. growth was not so impressive.
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