Shares of Meru Networks Inc. (NASDAQ: MERU), a provider of virtualized wireless local area network (LAN) solution, surged in trading today.
MERU shares ended the day 56.80% higher at $2.65 on above average volume of 1.68 million. The stock touched an intra-day high of $2.87 in trading today.
MERU shares surged after the company announced record second-quarter financial results. For the second quarter ended June 30, 2012, MERU reported total revenue of $24.5 million, representing an increase of 5% over the same period last year. The companyâ€™s total product and service revenue was also $24.5 million, up 10% over the same period last year.
Net loss for the quarter was $6.5 million, or $0.36 per share, down from $9.8 million, or $0.56 per share reported for the same period last year.
CEO Dr. Bami Bastani said that MERU is very pleased with its execution in the second quarter, achieving the highest revenue in the companyâ€™s history and exceeding the financial goals that the company set three months ago. Dr. Bastani said that MERU continues to remain extremely focused on executing its key markets and improving the efficiency of its business as it optimizes its cost structure and drives towards its goals of growth and profitability over the next several quarters.