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Allot reports first-quarter earnings and revenue beats as growth jumps 17%

Management reiterated revenue expectations of $106 million to $110 million for 2019, representing double-digit year-over-year growth

Allot security products
CEO Erez Antebi says momentum in the quarter was 'positive' and the security and smart network intelligence solutions company’s pipeline remains strong

Allot Ltd (NASDAQ:ALLT) (TASE:ALLT), the security and smart network intelligence solutions company, posted improved first-quarter earnings and revenue early Tuesday that beat Wall Street expectations.

For the quarter ended March 2019, Allot reported a loss of $0.05 per share on revenue of $25.3 million, better than the consensus estimate for a loss of $0.06 per share on revenue of roughly $25 million. Revenue grew 17% on a year-over-year basis.

Shares in Allot rose nearly 3% to $7.46 in afternoon trade.

READ: Allot partners with Rakuten Mobile to deliver secure mobile network in Japan

"We are pleased with the continued strong year-over-year growth in revenue as well as the improvement in profitability parameters in the quarter, and we are on target with our longer-term goals,” said Allot Ltd CEO Erez Antebi.

Antebi said the “momentum in the quarter remained positive” and included the win of a contract to provide a full suite of solutions comprising of network-based traffic management and network security solutions to Rakuten Mobile in Japan.

“Our pipeline of potential security OPEX deals remains strong and we are actively working to close further deals. We look forward to continued and sustainable growth in 2019 and beyond," said Antebi.

Financial outlook

Management reiterated its expectations of hauling in revenue between $106 million to $110 million, representing double-digit, year-over-year growth.

Allot is a provider of network intelligence and security solutions for service providers worldwide. Its solutions are deployed for network and application analytics, traffic control and shaping, and network-based security services. The company’s multi-service platforms is used by over 500 mobile, fixed and cloud service providers and more than 1000 enterprises.

Allot NetworkSecure is the world’s largest deployed network-based security service for the mass market with over 20 million paying security customers.

—(Updates stock price)—

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Quick facts: Allot Ltd

Price: 7.56 USD

NASDAQ:ALLT
Market: NASDAQ
Market Cap: $259.7 m
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