RALEIGH – Communications services provider Bandwidth (BAND) is reporting a third-quarter loss of $1 million, after recording a profit in the same period a year earlier. However, the company noted that revenue rose to $60.5 million, up 20% year over year.
The Raleigh, North Carolina-based company said Wednesday after the markets closed that it had a loss of 4 cents per share. Losses, adjusted for one-time gains and costs, came to 6 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share.
The enterprise software developer posted revenue of $60.5 million in the period.
“We believe our value proposition is strong and are pleased with our progress in driving adoption of our highly scalable platform of flexible APIs [application programming interface], our vertically integrated nationwide IP voice network that we built and operate, and our unique 911 capabilities. Enterprise customers who scale with our platform are increasingly viewing Bandwidth as a strategic partner and we take pride in succeeding when our customers succeed,” stated David Morken, chief executive officer of Bandwidth. “Looking ahead, we continue to be optimistic about the growth opportunities and I want to thank our team who remain focused on executing on our mission and delivering best-in-class service to our enterprise customers.”
For the current quarter ending in December, Bandwidth expects its results to range from a loss of 17 cents per share to a loss of 15 cents per share.
The company said it expects revenue in the range of $58.4 million to $58.9 million for the fiscal fourth quarter.
Bandwidth expects full-year results to range from a loss of 39 cents per share to a loss of 37 cents per share, with revenue ranging from $229 million to $229.5 million.
Bandwidth shares have climbed 36% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $55.45, a rise of 13% in the last 12 months.