Bandwidth: Q1 Earnings Snapshot
RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — Bandwidth Inc. (BAND) on Tuesday reported first-quarter net income of $3.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Raleigh, North Carolina-based company said it had net income of 28 cents. Earnings, adjusted for one-time gains and costs, were 5 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The enterprise software developer posted revenue of $137.8 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $133 million.
For the current quarter ending in June, Bandwidth said it expects revenue in the range of $140 million to $142 million.
The company expects full-year revenue in the range of $576 million to $584 million.
Bandwidth shares have decreased 49% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $11.68, a decline of 50% in the last 12 months.
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