Extreme Networks - EXTR STOCK NEWS

Extreme Networks reported record financial results for Q3 FY23, with revenue reaching $332.5 million, a 16% year-over-year increase. SaaS ARR also grew by 22%, totaling $117 million. GAAP diluted EPS rose to $0.17, up 70% from last year. The company achieved a 57.7% GAAP gross margin and 8.9% operating margin, reflecting improvements in supply chain management and operational execution.

Management raised the full-year revenue outlook to a midpoint of 16% growth and anticipates Q4 revenue growth exceeding 20% year-over-year. The company also repurchased 1.35 million shares for $25 million, reducing net debt to $34 million.

Extreme Networks has announced the appointment of Kevin Rhodes as the new Executive Vice President and Chief Financial Officer, effective May 30, 2023. With extensive experience in SaaS organizations, Rhodes aims to enhance the company's strategic direction and financial initiatives crucial for long-term growth. Previously, he served as CFO at Duck Creek Technologies, where he contributed to a successful acquisition by Vista Equity Partners for $2.6B, highlighting his capability in driving operational excellence. Ed Meyercord, CEO of Extreme, expressed confidence in Rhodes' skills to foster Annual Recurring Revenue (ARR) growth and improve margins. This leadership change comes as Extreme Networks seeks to expand its market presence and continue its trajectory of growth.

New research from Extreme Networks (NASDAQ: EXTR) reveals that healthcare organizations face significant challenges due to inadequate investment in technology and network infrastructure. Conducted with HIMSS, the study surveyed 100 healthcare executives and IT decision-makers. Key findings include: 84% of organizations with 2,500-14,999 employees cite staffing shortages as their top issue, 90% increased tech investments since the pandemic, and 47% rank IT staffing shortages among their top three challenges. Additionally, 59% consider cybersecurity a significant issue, with 54% planning to invest in security solutions in the next 12-18 months. The results emphasize the crucial role of network infrastructure in improving clinical productivity and patient care.

Extreme Networks (NASDAQ: EXTR) will announce its financial results for the third fiscal quarter ending March 31, 2023 before the market opens on April 26, 2023. Following the announcement, the company will host an earnings conference call and webcast at 8:00 a.m. ET. To access the call via phone, participants are encouraged to register in advance to receive dial-in details. The company specializes in cloud networking, leveraging technologies such as machine learning and automation, and serves over 50,000 customers globally.

For more information, visit Extreme Networks' website.

Extreme Networks announced several healthcare organizations globally are deploying its networking solutions to enhance patient care and optimize operations. Notable clients include Concord Hospital, West Suffolk NHS Foundation Trust, and CHU Dijon Bourgogne. The solutions focus on providing secure connectivity for bandwidth-intensive applications and protecting sensitive data. Features like ExtremeCloud IQ facilitate seamless management and automation in healthcare settings, helping reduce errors and improve efficiency.

These advancements are critical as healthcare providers increasingly rely on digital technologies to deliver quality care.

Extreme Networks (NASDAQ: EXTR) has successfully deployed high-capacity Wi-Fi 6 networks at five major NASCAR racetracks, enhancing connectivity for up to 125,000 fans simultaneously. This initiative includes venues such as Daytona International Speedway and Talladega Superspeedway, addressing previous connectivity issues experienced in rural locations. The new system supports enhanced features like live streaming, mobile payments, and real-time operational insights via ExtremeAnalytics and ExtremeCloud IQ, aiming to enrich race day experiences for fans and streamline operations.

Extreme Networks has enhanced its ExtremeCloud™ SD-WAN platform with integrated network fabric capabilities. This upgrade allows customers to securely connect diverse environments such as data centers and remote locations within a single interface. Key improvements include automated workflows, enhanced user experience, and reduced deployment time by over 90%. Additionally, customers can boost application performance and network security through hyper-segmentation. The new IPE2200 hardware supports 10 Gbps, targeting high-bandwidth applications. These advancements position Extreme Networks to better serve a distributed workforce and compete effectively in the cloud networking market.

Extreme Networks (NASDAQ: EXTR) has appointed Justin Hurst as the Head of the Office of the CTO for the Asia-Pacific region. Hurst aims to enhance the company’s presence in APAC by collaborating with customers and partners to identify technology trends and business opportunities. With over 20 years of experience, including his role as Field CTO at Nutanix, Hurst will leverage his expertise to drive broader adoption of Extreme's cloud networking solutions. The company views APAC as a significant growth area, and Hurst's leadership is expected to create immediate impact and align product innovation with regional needs.

Extreme Networks (NASDAQ: EXTR) announced the resignation of CFO Rémi Thomas, effective February 16, 2023, as he takes a new role at a private software company. The firm has engaged an executive search firm to find a successor. In the interim, Senior VP Cristina Tate will serve as acting CFO. CEO Ed Meyercord praised Thomas for his contributions, particularly during acquisitions and navigating supply chain challenges. Tate, with a strong background in finance, is expected to ensure a smooth transition as the company anticipates accelerated growth.