Avid: Q1 Earnings Snapshot

BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Avid Technology Inc. (AVID) on Thursday reported a first-quarter loss of $381,000, after reporting a profit in the same period a year earlier.

On a per-share basis, the Burlington, Massachusetts-based company said it had a loss of 1 cent. Earnings, adjusted for stock option expense and non-recurring costs, were 15 cents per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The audio and video technology company posted revenue of $97.8 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $100.8 million.