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Corero Network Security expects to halve earnings loss amid 'strong' product demand

By BFN News | 07:30 AM | Thursday 03 January, 2019

Cyber security company Corero Network Security said Thursday it expected to halve full-year earnings losses from a year earlier even as revenue growth was expected to fall short of expectations. For the year ended 31 December 2018, earnings (EBITDA) losses was expected to be approximately $2.5m, from a loss $5.0m seen a year earlier, and revenue was expected to be approximately $10.0m, up from $8.5m a year earlier but lower than expected. The company blamed the lower-than-expected revenue on a 'longer time required to ramp up new go-to-market partners and secure contracts.' Order intake for the year was expected to be approximately $11.0m, representing growth of about 20% over the prior year's $9.3m. The company said it expected to report a record final quarter amid strong demand for the Company's SmartWall Threat Defense System in the second half of the year. Overheads were expected to be approximately 10% below the prior year. Looking ahead, the company said it would focus on 'delivering revenue growth, adding new customers, and targeting being EBITDA positive and cash generative by the end of 2019.' 'Corero enters 2019 following a year of solid growth in revenue and order intake and with a significant resale partnership agreement in place with Juniper Networks. We are excited about the prospects in the medium term, with the DDoS mitigation market fundamentals remaining strong and market analysts forecasting double digit growth,' said Ashley Stephenson, Corero CEO. Story provided by

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