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Sunday, May 28, 2023

Ixia Reports 32 Higher Income to Meet Expectations

Ixia Inc., a maker of networking testing equipment, reported a 32 percent increase in quarterly income on Wednesday, but still barely met analyst expectations. The Calabasas company had net income for the third quarter ended Sept. 30 of $15.8 million, or 20 cents a share, compared with $12 million , or 16 cents, for the same quarter last year. Analysts on average expected income of $107 million, or 20 cents, according to Zacks Investment Research. Chief Executive Vic Alston said in a statement that two recent acquisitions contributed to the earnings. In August, Ixia purchased BreakingPoint Systems, an Internet security testing company, for $160 million. In May, it acquired network monitoring company Anue Systems for $145 million. “Going forward, we believe these investments will help Ixia address larger, higher growth markets, as well as diversify our customer base,” he said. Ixia ended the quarter with $154 million in cash and investments, compared with $287 million at the end of the second quarter. The purchase of BreakingPoint accounted for the difference. Shares of Ixia fell 9 cents, or less than 1 percent, to close at $15.31 in trading on the Nasdaq. Joel Russell

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