Why Extreme Networks Stock Is Soaring Today

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Shares of Extreme Networks (NASDAQ: EXTR) are soaring today, up by 15% as of 11:35 a.m. EST, after the company reported preliminary fiscal second-quarter earnings. The results are expected to come in above expectations, and Extreme Networks issued a rosy forecast for next quarter.

Revenue in the fiscal second quarter should be in the range of $238 million to $248 million, putting the midpoint ahead of the $240.7 million in sales that Wall Street is modeling for. That should result in adjusted earnings per share of $0.11 to $0.17, compared to the consensus estimate of $0.11 per share in adjusted profits. The networking technology company said that customer adoption of its new universal hardware platform helped drive the outperformance.

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