DragonWave (DRWI +11.6%) opens sharply higher after reporting FQ1 revenue of $24.5M (-13% Y/Y) and EPS of -$0.17; the former missed by $4.8M, but the latter beat by $0.11. A big reason for the EPS beat: gross margin came in at 11.5%, up 620 bps Q/Q (though down 2040 bps Y/Y). Opex totaled $13.4M (+1% Y/Y), and DragonWave's closely-watched cash balance rose by $400K Q/Q to $23.4M. Expectations have been low for some time.
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