Mellanox Upgrades Outlook Following Record Quarterly Revenues
In June, Mellanox's board settled its differences with activist investor Starboard, which has been aggressively pushing for far-reaching changes since November
09:2618.07.18
Nasdaq-listed Israeli chipmaker Mellanox Technologies Ltd. has achieved record revenues for the second quarter of 2018 and raised its outlook for the entire year, the company announced Monday.
Eyal Waldman. Photo: Omer Moshe
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In June, Mellanox's board settled its differences with activist investor Starboard Value LP, which has been aggressively pushing for far-reaching operational and management changes in the company since it has acquired a 10.7% stake in November.
Eyal Waldman. Photo: Omer Moshe
Mellanox reported revenues of $268.5 million for the quarter, the company announced Tuesday, a 26.7% increase year-over-year and higher than the $263.3 million analysts predicted for the quarter. The company also reported a non-GAAP net income of $1.25 per diluted share (GAAP of $0.30), compared to $0.44 in the second quarter of 2017 (GAAP net loss per diluted share of $0.16), and higher than the $1.09 predicted for the quarter.
Related stories:
- Mellanox CEO Downplays Drama of Starboard’s Attempt to Take Over Board
- Mellanox and Starboard End Feud with Board Appointments
- Mellanox Wins First Round in Struggle with Activist Shareholder Starboard
Mellanox has raised its outlook for 2018, forecasting annual revenues of $1.065 billion to $1.085 billion, compared to the previous forecast of $1.05 billion to $1.07 billion.
Mellanox is currently trending up in after-hours trading.
