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Extreme Networks stock drops 14%+ despite quarterly results topping expectations

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Extreme Networks stock drops 14%+ despite quarterly results topping expectations

Shares of Extreme Networks Inc. dropped more than 14% today despite the company posting better-than-expected quarterly earnings and raised its full-year revenue guidance.

In conjunction with the release of its quarterly results, Extreme Networks announced the resignation of Chief Financial Officer Rémi Thomas. The executive will remain with the company until Feb. 17. Cristina Tate, Extreme Networks’ senior vice president and head of financial planning and analysis, will become interim CFO. It’s possible the departure of the CFO gave investors pause.

San Jose, California-based Extreme Networks is a major supplier of networking equipment. It sells switches and routers for data centers, as well as Wi-Fi access points that can be used to provide wireless connectivity at offices. More than 50,000 organizations use Extreme Networks products worldwide.

Extreme Networks’ revenue grew 13% year-over-year, to $318.35 million, in its fiscal second quarter ended Dec. 31. The company surpassed the Zacks consensus revenue estimate by 4.45%. Extreme Networks has topped analysts’ sales forecasts in each of the past four quarters. 

According to Extreme Networks, its second-quarter sales momentum was driven partly by strong demand for its software-as-a-service products. The company reported that annualized recurring revenue from SaaS products grew 29% year-over-year, to $115 million. 

Extreme Networks’ SaaS portfolio is headed by ExtremeCloud IQ, a cloud-based platform for managing network infrastructure. The platform can detect performance hiccups and potential cybersecurity issues, as well as provide remediation suggestions for administrators. ExtremeCloud IQ also promises to simplify other maintenance tasks, such as deploying firmware updates to Wi-Fi endpoints.

“We feel confident in end customer demand,” said Extreme Networks Chief Executive Officer Ed Meyercord. “The majority of our bookings are with government, education and healthcare sectors, where spending is more resilient. Our enhanced fabric and cloud subscription offerings are gaining traction in the marketplace. Finally, we have good visibility for the second half of the year based on the strength of our sales funnel.”

Extreme Networks generated $36.5 million in adjusted net income during its fiscal second quarter, a 29% increase from the same time a year ago. That allowed the company to deliver adjusted earnings per share of 27 cents, more than the 24 cents forecasted by the Zacks consensus estimate. Extreme Networks’ gross margin increased to 57.1% from 56.5% a year earlier.

Next quarter, the company expects to generate an adjusted net income of between $31.1 million and $38.4 million on $315 million to $325 million in revenue. Extreme Networks estimates its momentum will continue into the subsequent quarters. The company today raised its full-year revenue growth outlook to the high end of its previously provided 10% to 15% range. 

Photo: Extreme Networks

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Amazon Prime members can get Amazon Music Unlimited and Paramount+ for $4.99 per month for three months

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Amazon Prime members can get Amazon Music Unlimited and Paramount+ for $4.99 per month for three months

SAVE $42: As of Jan. 25, new users can bundle both Amazon Music Unlimited and Paramount+ for $4.99 a month(Opens in a new window)(opens in a new tab) for three months. That’s a total savings of about $42.


There are so many streaming platforms nowadays, and so many fees for each of them. Luckily, Amazon’s making things easy to combine streaming and listening with a limited-edition bundle on Amazon Music Unlimited and Paramount+.

Both Amazon Music Unlimited and Paramount+ are available for $4.99 per month(Opens in a new window)(opens in a new tab) for three months (for new users to both services), which is a big discount off the original price. Amazon Music Unlimited usually costs $8.99 a month, while Paramount+ costs $9.99 a month, for a combined monthly cost of $18.98. This deal slashes almost three quarters of that, resulting in a savings of $13.99 per month, or about $42 over three months. (After three months, you’ll pay full price for each subscription.)

Why is this deal so great, you ask? First, Paramount+ is the streaming service to get if you love sports — especially with the big game coming up. After CBS cut its own streaming service, Paramount+ became the place to watch CBS Live (including the NFL), and it also offers pretty much any Nickelodeon or MTV show you want, along with recent hits like Yellowjackets and RuPaul’s Drag Race. It even includes kids’ favorites like Paw Patrol as well as tons of new movies, including Oscar nominee Everything Everywhere All at Once.

Amazon Music Unlimited offers unlimited access to millions of songs and thousands of playlists, including new releases. Users can stream and download their favorite tunes without ads (a win!) and use unlimited skips, and you can also follow all your favorite podcasts. You get everything you need for that sweaty gym sesh or morning commute.

There are some caveats that you should be aware of: This offer is only for Amazon Prime members. You can’t be a current or former subscriber of either Paramount+ or Amazon Music Unlimited to be eligible for this deal. Technically, you’ll pay $4.99/month for your Paramount+ subscription and will not get charged for Amazon Music Unlimited during the 3-month promotional period. If you want to avoid being charged full-price for each service after the initial three-month period, make sure to cancel each subscription separately before auto-renewal.

Fine print aside, if you haven’t taken advantage of both Paramount+ and Amazon Music Unlimited, it’s a great time to try them out. And at less than $5 a month, what do you have to lose?



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Everything we know so far

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Everything we know so far

Britain’s Got Talent is back for 2023. (ITV)

Britain’s Got Talent is set to return with a brand new judging line-up for 2023 – a rarity for a show that kept the same panel for a decade.

As Bruno Tonioli is confirmed to replace David Walliams and auditions get under way, what do we know about this year’s series so far?

When will Britain’s Got Talent be back on TV?

The London Palladium in Soho, London, where auditions for Britain's Got Talent are being held. Picture date: Tuesday January 24, 2023.

Auditions have begun at the London Palladium. (PA/Alamy)

The new series of Britain’s Got Talent began filming auditions at the London Palladium on Tuesday, 24 January.

Early rounds of the contest are pre-recorded, before the show moves into live knock-out rounds in the run-up to the final.

Read more: Every judge of Britain’s Got Talent so far

No exact start date has been announced yet, but the show usually begins in mid April and runs to late May or early June, airing on Saturdays on ITV1.

Who is judging Britain’s Got Talent this year?

LONDON, ENGLAND - JANUARY 20: (L-R) Simon Cowell, Amanda Holden and Alesha Dixon arrive at the Britain's Got Talent Auditions at London Palladium on January 20, 2022 in London, England. (Photo by Shane Anthony Sinclair/Getty Images)

Simon Cowell, Amanda Holden and Alesha Dixon are getting a new co-star this year. (Getty Images)

A change in the judging line-up is huge news for the show, which celebrated a decade with the same star cast in the 2022 series.

However, former Strictly Come Dancing judge Bruno Tonioli has now been confirmed as a replacement for David Walliams.

He joins Simon Cowell and Amanda Holden, who have been in place since the first season, and ex Strictly panel co-star Alesha Dixon who joined the show in 2012.

It’s a huge coup for ITV as Tonioli spent 17 series at the BBC with Strictly as one of the contest’s original judges, before pandemic travel restrictions made it impossible for him to take part and he eventually bowed out.

Presenters Ant and Dec are also back to host again.

What happened to David Walliams?

LONDON, ENGLAND - JANUARY 20: David Walliams arrives at the Britain's Got Talent Auditions at London Palladium on January 20, 2022 in London, England. (Photo by Neil Mockford/Getty Images)

David Walliams was overheard insulting contestants. (Getty Images)

Comedian and children’s author David Walliams spent 10 successful years on the judging panel, but has left under a cloud ahead of the 2023 series.

In November 2022, The Guardian revealed a leaked audio recording from the show’s 2020 auditions in which he was heard making insulting remarks about contestants.

Walliams was heard referring to one contestant as a “c***” and said of another woman auditioning: “She’s like the slightly boring girl you meet in the pub that thinks you want to f*** them, but you don’t.”

Read more: All the winners of Britain’s Got Talent so far

He apologised, saying: “I would like to apologise to the people I made disrespectful comments about during breaks in filming for Britain’s Got Talent in 2020.

“These were private conversations and — like most conversations with friends — were never intended to be shared. Nevertheless, I am sorry.”

Who won Britain’s Got Talent 2022?

Simon Cowell pressed his Golden Buzzer for comedian Axel Blake, who already has his own show. (Syco/Thames/ITV)

Simon Cowell’s Golden Buzzer choice comedian Axel Blake won in 2022. (Syco/Thames/ITV)

The winner of the last series was comedian Axel Blake.

He was a popular winner, but controversy hit when it emerged that Blake had already made an Amazon Prime Video special of his stand-up routine – calling into question whether he could be classed as an amateur.

Defending his appearance on the streaming service in an interview on Lorraine, Blake said: “I put that show on myself and I just put my money where my mouth is and I achieved that. That’s the thing, it looks like ‘Oh my gosh, it’s Amazon Prime.’ But if they saw the backend, it didn’t look like that financially. All the stress, I had to borrow money from people.”

He added: “After that, Amazon picked it up. It wasn’t for Amazon Prime. I didn’t know they were going to pick that up, and that was like a year later.”

Simon Cowell also backed him, saying: “I know you got a bit of stick in the media – ‘It’s a fix because you’ve been on another show.’ That’s the whole point of shows like this, that you give someone another chance.”

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The Boys and Supernatural Star Jensen Ackles Really, REALLY Wanted to Be on The Last Of Us

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The Boys and Supernatural Star Jensen Ackles Really, REALLY Wanted to Be on The Last Of Us

Jensen Ackles made a name for himself by starring in the hit CW series that aired for 15 years, Supernatural, and has been having a heck of a career since. Ackles has since starred in Amazon Prime Video’s hit series The Boys and season 3 of Big Sky. He has also had a bunch of voice acting roles including starring in DC Comics’ animated universe as Batman. Fans have even thrown around the idea of Ackles playing Batman in live-action for James Gunn and Peter Safran’s new DC Universe, but it’s up in the air if that is even possible. It seems that the actor also wanted to join another massive franchise but doesn’t think he even had a shot at it. During a Supernatural fan event, Ackles revealed that he wanted to play Joel in HBO’s live-action The Last of Us series, but the role ended up going to Pedro Pascal. 

“I was kind of really pushing hard for Pedro Pascal’s role in The Last of Us,” Ackles said. “I don’t think I was really in the mix or even had a shot at it. I was like, oh, that was high up on my radar.” 

The Boys was officially renewed for a fourth season weeks before the season finale aired. With the series ending on such a high note, fans are definitely excited to see what will happen next. Karl Urban, who plays Butcher in the series, recently revealed when filming for the fourth season of the series will begin, so we could wind up getting some new info sooner rather than later.

“From our first conversation with Eric Kripke and the creative team about Season 3 of The Boys, we knew the show was continuing to get even bolder-an impressive feat considering the wild success of the Emmy-nominated second season,” Vernon Sanders, head of global television, Amazon Studios, shared in a statement. “The Boys continues to push boundaries in storytelling while also being relentlessly entertaining and threading the needle on social satire that feels all too real. This stylized world of the series has incredible global reach and the viewership for opening weekend is proof of that. We are immensely proud of the cast and crew that has spawned a franchise for Prime Video, but and we look forward to bringing more of The Boys to our customers.”

“Speaking for the cast and crew, we’re so grateful to Sony, Amazon, and most of all the fans for embracing the show and allowing us to make more,” The Boys showrunner, added. “We’re thrilled to continue Butcher and the Boys’ fight against Homelander and the Seven, as well as comment on the insane world we’re living in. Also, this is the first time in history that exploding genitalia has led to further success.”

Jeff Frost, President, Sony Pictures Television and Jason Clodfelter, co-President, Sony Pictures Television said in a statements, “The Boys producers and cast have proven year after year that there is no bar they can’t jump over. We are incredibly proud of this brilliant and subversive genre-bending series. Our relationship with Prime Video is much more than a partnership, it’s more like extended family. Everyone here at Sony Pictures Television is thankful to join Prime Video and Eric Kripke for another successful season.”

All episodes of The Boys are streaming exclusively on Prime Video now. Stay tuned for more details on Season 4.

What do you think about Ackles showing up in The Last of Us? Let us know your thoughts in the comments section below or by hitting our writer up @NateBrail on Twitter!



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