Novell Posts Earnings, Beats Expectations
Novell (Provo, UT) reports Q1 '98 financial results. Revenue of $252 million compares with $375 million in Q1 '97. A net income of $14 million ($0.04 per share) compares with a Q1 '97 net income of $51 million. Wall Street has expected Novell to come in at $.02 per share. The dip in revenues follows six months of house-cleaning, in which Novell has realigned its business model and reclarified its key initiatives. Novell has also rolled out a host of new products, including the BorderManager FastCache, NDS for NT, and Netscape Server products. Novell is expected to release its new NetWare 5 server platform by the end of June. The results "reflect the solid progress we've made in stabilizing Novell's business and implementing the pragmatic recovery strategy" initiated last year, said chairman and CEO Dr. Eric Schmidt. "I'm pleased with where we are, but we're not done. We're actually right on plan not ahead of plan."