RALEIGH — Communications services provider Bandwidth on Thursday reported a loss of $2 million in its fourth quarter, beating Wall Street expectations.
On a per-share basis, the Raleigh, North Carolina-based company said it had a loss of 8 cents. Losses, adjusted for one-time gains and costs, came to 2 cents per share. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The enterprise software developer posted revenue of $62 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $58.7 million.
For the year, the company reported profit of $2.5 million, or 10 cents per share. Revenue was reported as $232.6 million.
“I am incredibly proud of our team for finishing out 2019 on a strong note with a solid quarter,” Bandwidth’s founder and CEO David Morken said in an earnings call on Thursday.
“Our CPaaS [Communications Platform as a Service] revenue increased 21 percent year over year driving total revenue in the quarter of $62 million. In the fourth quarter, we grew our active CPaaS customers a record 40 percent year over year. During the quarter, our broad-based growth drove strong revenue results.”
For the current quarter ending in April, Bandwidth expects its results to range from a loss of 12 cents per share to a loss of 10 cents per share.
The company said it expects revenue in the range of $63.2 million to $63.7 million for the fiscal first quarter.
Bandwidth expects full-year results to range from a loss of 27 cents per share to a loss of 17 cents per share, with revenue ranging from $272.7 million to $274.7 million.
Bandwidth shares have climbed 19% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $76.09, an increase of 48% in the last 12 months.