Exhibit 99.1

FOR IMMEDIATE RELEASE

For more information, contact:

Extreme Networks
Investor Relations	Public Relations
408/579-3030	408/579-3483
investor_relations@extremenetworks.com	gcross@extremenetworks.com

EXTREME NETWORKS REPORTS INCREASED FOURTH QUARTER REVENUE

Highest Revenue in Six Quarters; Up Sequentially and Y/Y; Company in Full Compliance

with Nasdaq Listing Obligations

SANTA CLARA, Calif.; Aug. 1, 2007 – Extreme Networks, Inc. (Nasdaq: EXTR) today announced financial results for its fiscal fourth quarter and year ended July 1, 2007. For the quarter, net revenue increased 6 percent to $87.1 million, from $82.4 million in the fiscal fourth quarter of 2006.

Net loss on a GAAP basis for the fiscal fourth quarter of 2007 was $5.0 million or a loss of $0.04 per diluted share, compared to a net loss of $4.3 million or $0.04 per diluted share in the fiscal fourth quarter of 2006. Non-GAAP net income for the fiscal fourth quarter of 2007 was $0.3 million or less than $0.01 per diluted share, compared to non-GAAP net income of $1.2 million or $0.01 per diluted share in the prior-year quarter. A reconciliation of GAAP to non-GAAP financial measures is included in the accompanying attachments.

“Revenue represents our best quarter since the second fiscal quarter of 2006,” said Mark Canepa, president and CEO of Extreme Networks. “We’re pleased with our U.S. business results, which show year-over-year revenue growth of 17 percent. We’re experiencing strong demand for some of our newer products, such as the Summit X450 and the X250, and we are performing well in our vertical markets. We continue to drive the turnaround, focusing both on revenue growth and expense control.”

Net revenue for the 12 months ended July 1, 2007 was $342.8 million, compared to $358.6 million for the prior 12-month fiscal period. Net loss on a GAAP basis was $14.2 million or a loss of $0.12 per diluted share in fiscal 2007, compared to GAAP net income of $8.5 million or $0.07 per diluted share in fiscal 2006. Non-GAAP net income for the most recent 12-month period was $2.9 million or $0.03 per diluted share, compared to non-GAAP net income of $18.8 million or $0.15 per diluted share in the 12 months ended July 2, 2006.

Cash, short-term investments, and marketable securities were $215.9 million as of July 1, 2007, compared to $214.7 million as of April 1, 2007, reflecting positive cash flow from operations.

Nasdaq Compliance

Extreme Networks also announced that its 2006 Annual Stockholders meeting was held on July 30, 2007, and that it believes it is now in full compliance with all Nasdaq Marketplace Rules. On July 19, 2007 it received written notice from the Nasdaq Stock Market confirming that the Nasdaq Listing Qualifications Panel (the “Listing Panel”) had granted the Company’s request for continued listing on the Nasdaq Stock Market, on the condition that the Company inform the Listing Panel that it has held its 2006 Annual Meeting of Stockholders on or before August 1, 2007 and the Company has provided that notice to the Listing Panel.

Conference Call

Extreme Networks will host a conference call to discuss these results today at 5:00 p.m. EDT (2:00 p.m. PDT). Visit http://www.extremenetworks.com/about-extreme/investor-relations.aspx Financial information to be discussed during the conference call is posted on the Investor Relations section of the Company's website (www.extremenetworks.com).

Non-GAAP Financial Measures

Extreme Networks provides all financial information required in accordance with generally accepted accounting principles (GAAP). To supplement its consolidated financial statements presented in accordance with GAAP, the Company has provided a non-GAAP reconciliation of its Consolidated Statement of Operations for the fiscal quarters and 12-months ended July 1, 2007 and July 2, 2006, which are adjusted to exclude share-based compensation expense, costs associated with the stock option Special Investigation and restructuring charges. These non-GAAP measures are not computed in accordance with GAAP and may differ from the methods used by other companies. These non-GAAP measures are not meant as a substitute for comparable GAAP measures. These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the Company’s ongoing performance as a business. Extreme Networks uses both GAAP and non-GAAP measures to evaluate and manage its operations.

Extreme Networks, Inc.

Extreme Networks designs, builds, and installs Ethernet infrastructure solutions that solve the toughest business communications challenges. Our commitment to open networking sets us apart from the alternatives by delivering meaningful insight and unprecedented control to applications and services. We believe openness is the best foundation for growth, freedom, flexibility, and choice. We focus on enterprises and service providers who demand high performance, converged networks that support voice, video and data, over a wired and wireless infrastructure.

# # #

Extreme Networks and Summit are among the trademarks of Extreme Networks, Inc., that may be registered in the United States and other countries. All other marks are the property of their respective holders.

This announcement contains forward-looking statements that involve risks and uncertainties, including statements regarding our expectations regarding our products, future revenue and expenses and strategy. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: our, fluctuations in demand for our products and services; a highly competitive business environment for network switching equipment; changes in results identified as part of the process of completing the closing and audit of results for the quarter and the year, effectiveness in controlling expenses, the possibility that we might experience delays in the development of new technology and products; customer response to our new technology and product; risks related to pending or future litigations, and a dependency on third parties for certain components and for the manufacturing of our products. We undertake no obligation to update the forward-looking information in this release. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including, without limitation, under the captions: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Risk Factors,” which is on file with the Securities and Exchange Commission.”

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	July 1, 2007			July 2, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	71,573		$	92,598
Short-term investments	$	91,599			297,726
Accounts receivable, net	$	23,066			27,681
Inventories, net	$	25,261			19,303
Prepaid expenses and other current assets, net		14,457			9,420
Total current assets		225,956			446,728
Property and equipment, net		43,156			46,499
Marketable securities		52,683			42,781
Other assets, net		20,102			22,710
TOTAL ASSETS	$	341,897		$	558,718
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	21,303		$	20,138
Accrued compensation and benefits		14,841			11,758
Restructuring liabilities		5,532			5,571
Accrued warranty		7,182			7,027
Deferred revenue		32,160			35,406
Convertible subordinated notes		—			200,000
Other accrued liabilities		23,263			19,581
Total current liabilities		104,281			299,481
Restructuring liabilities, less current portion		8,456			11,471
Deferred revenue, less current portion		10,286			9,699
Deferred income taxes		688			579
Other long-term liabilities		1,962			1,307
Commitments and contingencies
Stockholders’ equity:
Common stock and capital in excess of par value		934,540			927,835
Treasury stock		(48,303	)		(33,700	)
Accumulated other comprehensive loss		572			(1,567	)
Accumulated deficit		(670,585	)		(656,387	)
Total stockholders’ equity		216,224			236,181
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	341,897		$	558,718

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	July 1, 2007			July 2, 2006			July 1, 2007			July 2, 2006
Net revenues:
Product	$	71,863		$	66,761		$	280,497		$	294,824
Service		15,235			15,681			62,337			63,777
Total net revenues		87,098			82,442			342,834			358,601
Cost of revenues:
Product		31,398			30,682			124,298			130,557
Service		7,997			8,166			33,341			34,168
Total cost of revenues		39,395			38,848			157,639			164,725
Gross margin:
Product		40,465			36,079			156,199			164,267
Services		7,238			7,515			28,996			29,609
Total gross margin		47,703			43,594			185,195			193,876
Operating expenses:
Sales and marketing		25,893			25,426			102,052			98,452
Research and development		17,314			15,577			67,085			61,966
General and administrative		8,315			5,766			33,638			25,498
Restructuring charge		2,857			3,268			4,003			3,268
Total operating expenses		54,379			50,037			206,778			189,184
Operating income (loss)		(6,676	)		(6,443	)		(21,583	)		4,692
Other income, net		2,217			1,876			9,526			5,615
Income (loss) before income taxes		(4,459	)		(4,567	)		(12,057	)		10,307
Provision for income taxes		586			(232	)		2,140			1,798
Net income (loss)	$	(5,045	)	$	(4,335	)	$	(14,197	)	$	8,509
Net income (loss) per share — basic	$	(0.04	)	$	(0.04	)	$	(0.12	)	$	0.07
Net income (loss) per share — diluted	$	(0.04	)	$	(0.04	)	$	(0.12	)	$	0.07
Shares used in per share calculation — basic		113,604			118,453			114,122			121,286
Shares used in per share calculation — diluted		113,604			118,453			114,122			123,049

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Twelve Months Ended
	July 1, 2007			July 2, 2006
Net income (loss)	$	(14,197	)	$	8,509
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		7,926			11,899
Provision for doubtful accounts		—			1,166
Provision for excess and obsolete inventory		3,030			1,259
Deferred income taxes		(50	)		(249	)
Amortization of warrant		4,048			4,691
Restructuring charge		4,003			3,268
Loss on disposal of assets		54			9
Stock-based compensation		6,183			6,995
Changes in operating assets and liabilities, net
Accounts receivable		4,541			3,306
Inventories		(8,990	)		5,405
Prepaid expenses and other assets		(6,244	)		(2,075	)
Accounts payable		1,165			1,855
Accrued compensation and benefits		3,083			(2,274	)
Restructuring liabilities		(7,057	)		(6,182	)
Lease liability		—			(471	)
Accrued warranty		155			(444	)
Deferred revenue		(2,659	)		(5,368	)
Other accrued liabilities		4,084			(2,304	)
Other long-term liabilities		655			(958	)
Net cash provided by (used in) operating activities		(270	)		28,037
Cash flows from investing activities:
Capital expenditures		(4,637	)		(7,969	)
Purchases of investments		(210,711	)		(273,986	)
Proceeds from sales and maturities of investments and marketable securities		408,673			247,726
Net cash provided by (used in) investing activities		193,325			(34,229	)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of repurchases		523			5,020
Repurchase of common stock		(14,603	)		(33,700	)
Principal payment on convertible debt		(200,000	)		—
Net cash used in financing activities		(214,080	)		(28,680	)
Net decrease in cash and cash equivalents		(21,025	)		(34,872	)
Cash and cash equivalents at beginning of period		92,598			127,470
Cash and cash equivalents at end of period	$	71,573		$	92,598
Supplemental disclosure of cash flow information:
Interest paid	$	3,500		$	7,000
Cash paid for income taxes	$	5,285		$	587

See accompanying notes to unaudited condensed consolidated financial statements.

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

GAAP TO NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	July 1, 2007			July 2, 2006			July 1, 2007			July 2, 2006
Net income (loss)—GAAP Basis	$	(5,045	)	$	(4,335	)	$	(14,197	)	$	8,509
Non-GAAP adjustments
Stock-based compensation expense	$	1,200		$	2,236		$	6,183		$	6,995
Stock option investigation expenses		1,298			—			6,916			—
Restructuring charge		2,857			3,268			4,003			3,268
Total non-GAAP adjustments	$	5,355		$	5,504		$	17,102		$	10,263
Net income (loss)—Non-GAAP Basis	$	310		$	1,169		$	2,905		$	18,772
Non-GAAP adjustments
Cost of product revenue	$	184		$	205		$	771		$	718
Cost of service revenue		51			140			359			417
Sales and Marketing		401			888			2,173			2,764
Research and Development		317			663			1,834			1,993
General and Administrative		1,545			340			7,962			1,103
Restructuring charge		2,857			3,268			4,003			3,268
Total non-GAAP adjustments	$	5,355		$	5,504		$	17,102		$	10,263

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

NON-GAAP PRESENTATION

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	July 1, 2007			July 2, 2006			July 1, 2007			July 2, 2006
Net revenues:
Product	$	71,863		$	66,761		$	280,497		$	294,824
Service		15,235			15,681			62,337			63,777
Total net revenues		87,098			82,442			342,834			358,601
Cost of revenues:
Product		31,214			30,477			123,527			129,839
Service		7,946			8,026			32,982			33,751
Total cost of revenues		39,160			38,503			156,509			163,590
Gross margin:
Product		40,649			36,284			156,970			164,985
Services		7,289			7,655			29,355			30,026
Total gross margin		47,938			43,939			186,325			195,011
Operating expenses:
Sales and marketing		25,492			24,538			99,879			95,688
Research and development		16,997			14,914			65,251			59,973
General and administrative		6,770			5,426			25,676			24,395
Restructuring charge		—			—			—			—
Total operating expenses		49,259			44,878			190,806			180,056
Operating income (loss)		(1,321	)		(939	)		(4,481	)		14,955
Other income, net		2,217			1,876			9,526			5,615
Income (loss) before income taxes		896			937			5,045			20,570
Provision for income taxes		586			(232	)		2,140			1,798
Net income (loss)	$	310		$	1,169		$	2,905		$	18,772
Net income (loss) per share — basic	$	0.00		$	0.01		$	0.03		$	0.15
Net income (loss) per share — diluted	$	0.00		$	0.01		$	0.03		$	0.15
Shares used in per share calculation — basic		113,604			118,453			114,122			121,286
Shares used in per share calculation — diluted		115,205			118,453			115,583			123,049