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ShoreTel +3.7% as hosted revenues drive profit beat

Oct. 27, 2016 5:57 PM ETShoreTel, Inc. (SHOR) StockBy: Jason Aycock, SA News Editor
  • ShoreTel (NASDAQ:SHOR -2.2%) has risen 3.7% after hours following fiscal Q1 results where it squeezed out a profit, beating expectations for a loss.
  • Overall revenue fell 4.2% and missed, though all gross margin lines expanded for the second straight quarter. And hosted revenue became the biggest of the revenue lines.
  • "Although the product revenue decline was greater than we anticipated, we have and will make the necessary cost adjustments to our financial model as our business transforms to a recurring revenue model," says CEO Don Joos.
  • Revenue breakout: Product, $31.85M (down 23.3%); Hosted and related services, $35.6M (up 21.2%); Support and services, $18.8M (down 1.5%).
  • For the out quarter, the company is guiding to revenue of $84M-$90M (vs. consensus for $89.6M), non-GAAP gross margin of 63.5%-64.5% and non-GAAP operating expenses of $56M-$57M.
  • Press Release

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