RALEIGH – Communications services provider Bandwidth (BAND) delivered financials this week that were better than Wall Street expected.
“I am very pleased with our first quarter accomplishments,” said David Morken, Bandwidth’s Chief Executive Officer. “As our results show, we continue to make progress on our growth initiatives as the Bandwidth platform enables innovative organizations around the world to deliver exceptional experiences. I am proud of our team and grateful to our customers for the new and expanding relationships we are developing to successfully move and scale communications in the cloud.”
The company reported a loss of $6.8 million in its first quarter.
- MORE COVERAGE: Read the full earnings report online.
Bandiwdth said it had a loss of 27 cents per share. Earnings, adjusted for one-time gains and costs, were 9 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 9 cents per share.
The enterprise software developer posted revenue of $131.4 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $125.7 million.
For the current quarter ending in July, Bandwidth expects its results to range from a loss of 9 cents per share to a loss of 5 cents per share.
The company said it expects revenue in the range of $132.5 million to $134.5 million for the fiscal second quarter.
Bandwidth expects full-year earnings in the range of 10 cents to 14 cents per share, with revenue ranging from $551 million to $557 million.
Bandwidth shares have declined 64% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.03, a drop of 79% in the last 12 months.