Reuters: Technology News: Brocade Communications beats estimates as costs fall

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Brocade Communications beats estimates as costs fall Aug 13th 2013, 20:34 Tue Aug 13, 2013 4:34pm EDT (Reuters) - Network equipment maker Brocade Communications Systems Inc (BRCD.O) reported third-quarter results above analysts' estimates, helped by lower costs and strong demand for its storage products. Brocade Communications shares were up 18 percent in after-market trading. They closed at $6.90 on the Nasdaq on Tuesday. Net income almost tripled to $118.7 million, or 26 cents per share, from $43.3 million, or 9 cents per share, a year earlier. Revenue fell 3 percent to $536.6 million. Analysts on average had expected earnings of 12 cents per share on revenue of $519 million, according to Thomson Reuters I/B/E/S. The company recognized a gain of $76.8 million in the quarter ended July 27 related to a litigation settlement. "The storage market is recovering more quickly than we had anticipated entering our third quarter," Chief Executive Lloyd Carney said in a statement.

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