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Bandwidth Inc. [BAND] reports annual net loss of $16,343,000,000.0
By USInMinutes - Feb 29, 2024, 05:25 AM ET
Last Updated - Feb 29, 2024, 05:25 AM EST
![Bandwidth Inc. [BAND] reports annual net loss of $16,343,000,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FBAND.png&w=3840&q=75)
Company Reports Revenue of $601.1 billion
Bandwidth Inc. [BAND] has reported a net loss of $16,343,000,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $601.1 billion
Based in RALEIGH, North Carolina, Bandwidth Inc. operates in the SERVICES sector.
In the annual report for the year ending December 31, 2023, the company reported a revenue of $601.1 million, showing an increase compared to the previous year's revenue of $573.2 million in 2022 and $490.9 million in 2021.
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The cost of revenue for the year ending December 31, 2023, was $365.0 million, higher than the costs reported in the previous years of $334.8 million in 2022 and $277.1 million in 2021.
The gross profit for the year ending December 31, 2023, was $236.2 million, slightly lower than the gross profit of $238.4 million in 2022 and $213.8 million in 2021.
Total operating expenses for the year ending December 31, 2023, amounted to $271.6 million, higher than the expenses reported in the previous years of $262.7 million in 2022 and $216.1 million in 2021, resulting in an operating loss of $35.5 million in 2023, compared to a loss of $24.3 million in 2022 and $2.2 million in 2021.
The company reported a net loss of $16.3 million in the year ending December 31, 2023, a decrease from the net income of $19.6 million in 2022 and a negative net income of $27.4 million in 2021.
The net loss per share for the year ending December 31, 2023, was $0.64, compared to earnings per share of $0.77 in 2022 and a negative $1.09 in 2021. The diluted net loss per share for 2023 was also $0.64, compared to a diluted net loss per share of $0.48 in 2022 and a negative $1.09 in 2021.
These financial results indicate a challenging year for the company, with decreased profitability and an overall negative net income compared to the previous reporting periods.
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