Ribbon Communications Inc. [RBBN] has reported a net loss of $66,206,000,000.0 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 $826.3 billion
Based in PLANO, Texas, Ribbon Communications Inc. operates in the SERVICES sector.
In the annual report for the year ended December 31, 2023, the company reported the following financial results compared to the previous two years.
Consolidated Statements of Operations (in USD millions):
**Revenue:**
- Current Year (2023): $826,339
- Previous Year (2022): $819,760
- Year Before (2021): $844,957
**Cost of Revenue:**
- Current Year (2023): $418,256
- Previous Year (2022): $418,824
- Year Before (2021): $400,297
**Gross Profit:**
- Current Year (2023): $408,083
- Previous Year (2022): $400,936
- Year Before (2021): $444,660
**Operating Expenses:**
- Current Year (2023): $432,368
- Previous Year (2022): $449,260
- Year Before (2021): $562,456
**Net Loss:**
- Current Year (2023): $(66,206)
- Previous Year (2022): $(98,083)
- Year Before (2021): $(177,185)
**Earnings per Share (EPS) - Basic:**
- Current Year (2023): $(0.39)
- Previous Year (2022): $(0.63)
- Year Before (2021): $(1.20)
**Earnings per Share (EPS) - Diluted:**
- Current Year (2023): $(0.39)
- Previous Year (2022): $(0.63)
- Year Before (2021): $(1.20)
The company's total revenue increased slightly in 2023 compared to the previous year but showed a decrease compared to 2021. The cost of revenue remained relatively stable over the three years.
Despite a decrease in net loss in 2023 compared to the previous years, the company continued to operate at a loss. Earnings per share also improved slightly in 2023, indicating a potential positive trend in the company's financial performance.
These financial results suggest that the company has been managing its operational costs effectively, leading to a reduction in losses over the years. However, further improvements may be required to achieve profitability in the future.
Also Read: