The network solution company Extreme Networks Inc. (NASDAQ: EXTR) has released its preliminary results for its first quarter of the fiscal year 2021. Market capitalization reached $1.05 billion on January 28 because of expected results higher than Wall Street forecasts.
Wall Street analysts predict Extreme Networks revenue for the second quarter will be between $238 million and $248 million, exceeding the $240.7 million average for the quarter. Earnings are expected to be in the range of $0.11 – $0.17 per share.
A primary driver of Extreme Networks is its newly launched hardware computing platform, which has received positive reviews from customers. Over three months, 39 customers spent over one million dollars on Extreme Networks equipment, setting a company record. Extreme Networks is experiencing record sales growth as it provides network infrastructure management and WANs.
In the high-speed optical and wireless network market, Extreme Networks is one of the market leaders. In addition to routers and router equipment, the company sells cloud IT systems and software for designing and monitoring Wi-Fi 6.
On a normal day, Extreme Networks Inc. (NASDAQ: EXTR) trades approximately 1.09 million shares but saw 3.19 million shares change hands in Thursday trading. A total enterprise value of about 1.22B is associated with the company now with a market capitalization of about $1.05 billion. The current market price is $8.40, up 12.00% from the previous close of $7.50. This stock reached its 52-week high at $8.05, and the low point has been $1.43 in 52 weeks. In recent trading, the stock reached a high of $9.09 and a low of $7.9801.