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McDATA Announces Results

Broomfield Colorado-based McData announced its Q3 results Wednesday, reporting that it lost $7.5M on $168.5M revenue for the quarter. That compared with $165.3M last quarter, and $98.5M from Q3 of last year. On a non-GAAP basis, the company said that it earned $3.6M per share, excluding restructuring and severance costs, amortization, and other factors. The company, which manufactures and sells Fibre Channel switches for the storage area networking market. The company also reported that its software revenue grew 15% sequentially and 38% year to year but that it missed targets and had increased competition in the quarter.