Cyan revenues jump 37 percent to new record

Petaluma networking technology developer Cyan reported revenues rose to a record $31.7 million in the second quarter, up 37 percent from a year ago.

The company posted a loss of $9.1 million, or 33 cents per share, for the three-month period ending June 30, compared to a loss of $1.5 million, or 59 cents per share, a year ago.

Excluding accounting charges, the company would have reported a net loss of $6.6 million, or 24 cents per share, compared to a loss of $752,000, or 30 cents per share, a year ago.

The company, which went public in May, has increased its presence to 13 countries outside North America, said Mark Floyd, chairman and CEO. More than 85 customers have now implemented Cyan's Blue Planet software-defined network platform since its launch last December.

"Going forward, we will continue to invest in engineering, sales and marketing to strengthen our competitive position and benefit from the widespread and fundamental transition in how networks are architected, orchestrated and managed," Floyd said in a statement.