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Ahead of the Bell: Riverbed Technology

Riverbed Technology rises in premarket as 3rd-quarter results beat Wall Street's view

Associated Press

NEW YORK (AP) -- Shares of Riverbed Technology climbed more than 10 percent in premarket trading on Friday as the networking company's third-quarter results topped Wall Street's view. Its fourth-quarter adjusted earnings forecast also beat analysts' estimates.

On Thursday Riverbed Technology Inc. reported adjusted earnings of 28 cents per share on revenue of $218.6 million. The company said that new products sold well in the quarter ended Sept. 30, while it continued to manage its costs.

Analysts surveyed by FactSet predicted earnings of 25 cents per share on revenue of $217.1 million.

For the fourth quarter, Riverbed Technology foresees adjusted earnings of about 29 cents per share on revenue in a range of $230 million to $236 million.

Wall Street expects 28 cents per share on revenue of $232.9 million.

Riverbed Technology's stock gained $2.18, or 10.5 percent, to $22.87 before the market open.