Reuters: Global Markets: Fusion-io forecasts strong sales of memory devices, shares rise

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Fusion-io forecasts strong sales of memory devices, shares rise Aug 9th 2012, 21:20 Thu Aug 9, 2012 5:20pm EDT (Reuters) - Fusion-io Inc (FIO.N) projected strong growth over the next year on increasing orders for the company's storage devices that have been incorporated into products from large hardware vendors such as IBM Corp (IBM.N) and Hewlett-Packard Co (HPQ.N). Fusion-io shares rose 27 percent in extended trading. The company, which went public last year and employs Apple Inc (AAPL.O) co-founder Steve Wozniak as its chief scientist, makes solid state memory drives and associated software that speeds up data processing on servers. The company expects revenue to grow 45-50 percent in fiscal 2013, which translates into revenue of $521 million to $539 million. That compares with the $478.8 million expected by analysts, according to Thomson Reuters I/B/E/S. In the fourth-quarter, revenue rose almost 50 percent to $106.6 million, while it recorded an adjusted profit of 9 cents per share. Analysts on average had expected a profit of 4 cents on revenue of $95.8 million. Shares of the Salt Lake City, Utah-based company were trading at $26.77 after the bell. They had closed at $21.02 on the New York Stock Exchange on Thursday. (Reporting by Himank Sharma; Editing by Anthony Kurian) Link this Share this Digg this Email Reprints

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