Seattle-based supercomputer maker Cray beat Wall Street’s expectations with its second quarter earnings report, posting $85.1 million in revenue and earnings of ($0.18) per share. Analysts had predicted $74 million in revenue, with a ($0.30) earnings per share.
Still, shares of Cray were down in after-hours trading on Tuesday by more than 3 percent.
Revenues for Q2 stayed consistent with last year, and increased by $30 million from the first quarter of 2014. Losses were up $6.5 million from this time last year, and down by $900,000 from Q1 2014.
Cray has been busy for the past few months, landing two lucrative contracts with the National Nuclear Security Administration and Korea Meteorological Association. Cray also had two executives depart earlier this month as the company works to bring together its product groups “to better capitalize on the massive growth of data, and the convergence of supercomputing and big data seen at companies and institutions around the world.” Cray will implement a company-wide R&D organization, in addition to an expanded marketing and business development team.
Cray expects revenue of $125 million in the third quarter and expects to be profitable for 2014.
