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Edgio, Inc.(EGIO), a leading technolog y company, has released its consolidated financial results for the year ended December 31, 2022. The company faced a challenging economic environment but managed to achieve significant revenue despite the obstacles. However, it also reported a net loss for the year.
Net Income/Loss
In 2022, Edgio, Inc. reported a net loss of $136.5 million. This represents a significant decrease compared to the previous year's net loss of $61.2 million.
Revenue
Despite the market challenges, Edgio, Inc. generated substantial revenue in 2022. The company's revenue for the year amounted to $338.6 million, marking a remarkable increase from the previous year's revenue of $201.1 million.
Edgio, Inc.'s total assets reached $542.4 million as of December 31, 2022, showing substantial growth compared to the $314.1 million reported on December 31, 2021. Current assets, including cash and cash equivalents, marketable securities, and accounts receivable, amounted to $195.1 million, demonstrating the company's financial strength.
Edgio, Inc.'s gross profit for the year 2022 was $107.5 million, significantly higher than the previous year's $54.3 million. However, operating expenses also increased, totaling $255.4 million, compared to $107.9 million in 2021. The company reported an operating loss of $147.8 million in 2022.
Despite the challenging economic conditions, Edgio, Inc. demonstrated resilience by achieving a substantial revenue of $338.6 million in 2022. The company's net loss of $136.5 million reflects the efforts made to overcome market obstacles. Edgio, Inc.'s ability to maintain significant revenue in the face of adversity showcases its position as a strong player in the technology industry.
Consolidated Statements of Comprehensive Loss
The comprehensive loss for Edgio, Inc. in 2022 amounted to $139.8 million, indicating the impact of various factors on the company's financial performance. The comprehensive loss includes a net loss of $136.5 million and other comprehensive losses of $3.3 million.
Consolidated Statements of Stockholders’ Equity
Edgio, Inc.'s stockholders' equity grew substantially, reaching $239.3 million as of December 31, 2022, compared to $132.1 million reported on December 31, 2021. The increase in stockholders' equity can be attributed to additional paid-in capital from various sources and the issuance of common stock for business acquisitions and employee compensation arrangements.
The company reported a net increase in cash and cash equivalents of $13.4 million in 2022, a notable improvement from the net decrease of $4.9 million in 2021. Despite facing headwinds, Edgio, Inc. managed to strengthen its cash position, reflecting prudent financial management.
Edgio, Inc. navigated through a challenging economic environment in 2022, achieving impressive revenue growth while reporting a net loss. The company's financial statements demonstrate its determination to overcome obstacles and its commitment to sustaining its position as a prominent player in the technology industry.