Reuters: Global Markets: Ruckus results top estimates as customers expand Wi-Fi

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Ruckus results top estimates as customers expand Wi-Fi Jul 31st 2013, 20:52 Wed Jul 31, 2013 4:52pm EDT (Reuters) - Ruckus Wireless Inc (RKUS.N) reported second-quarter results above analysts' estimates, as mobile and broadband service providers bought more Wi-Fi devices to cater for surging consumer demand. Shares of the company, which counts AT&T Inc (T.N) and Verizon (VZ.N) among its customers, rose 8 percent to $14.35 in after-hours trading. The company had debuted at $15 in November. Revenue rose 31 percent to $63.9 million. Net income fell to $702,000, or 1 cent per share, in the second quarter, from $20.6 million, or 17 cents per share, a year earlier. Excluding items, the company earned 5 cents per share. Analysts had expected earnings of 3 cents per share on revenue of $62.2 million, according to Thomson Reuters I/B/E/S. The company's products help mobile and broadband service providers increase the range of their Wi-Fi networks. Ruckus said it added 15 service provider customers during the second quarter. "Carriers have only started deploying Wi-Fi recently, and are likely to employ the technology significantly going forward," Craig Hallum analyst Rajesh Ghai said. The company forecast third-quarter adjusted earnings of about 4 cents per share on revenue of $66 million to $69 million. Analysts on average were expecting earnings of 4 cents per share on revenue of $67.5 million, according to Thomson Reuters I/B/E/S. (Reporting by Neha Alawadhi in Bangalore; Editing by Robin Paxton) Link this Share this Digg this Email Reprints

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