Big data connectivity developer Mellanox Technologies Ltd. (Nasdaq:MLNX) reported a major jump in revenue and profits for the first quarter of 2015. Revenue for the first quarter was $146.7 million, up 3.9% from $141.1 million for the fourth quarter of 2014, and up 48.2% from $99.0 million for the first quarter of 2014.
GAAP net proft in the first quarter of 2015 was $13.7 million ($0.29 per share) compared with GAAP net loss of $4.8 million ($0.10 per share) in the fourth quarter of 2014 share, and net loss of $11.0 million ($0.25 per share) in the first quarter of 2014. Non-GAAP net proft in the first quarter of 2015 was $28.6 million ($0.60 per share) compared with $28.0 million ($0.59 per share) in the fourth quarter of 2014, and $4.9 million ($0.11 per share) in the first quarter of 2014.
Total cash and investments on March 31, 2015 were $432.7 million compared with $389.0 million on December 31, 2014. Mellanox generated $45.8 million in cash from operating activities in the first quarter of 2015.
Mellanox president and CEO Eyal Waldman said, “We are pleased with our financial results for the first quarter. The transition to 40 Gigabit Ethernet by some of our leading customers continued and contributed to our revenue growth. We see significant growth opportunities in the Ethernet market and are pleased that our revenue and market share have increased. Our InfiniBand solutions grew 46% over the first quarter of 2014. Today, we are the only company shipping full end-to-end 100 Gigabit solutions.”
He added, “We are also proud of the results that our new products achieved. During the quarter, our 100 Gigabit solution achieved record performance, making it the highest performing solution available in the market today, and our 40 Gigabit per second Ethernet switches were found to have zero packet loss and lower latency compared with competitive products. Our products are changing the data center landscape and open new possibilities for our customers.”
The company’s share price was up 3.6% in premarket trading on Nasdaq at $47.30, after rising 1.6% yesterday, giving a market cap of $2.16 billion.