RALEIGH — Bandwidth (BAND) on Wednesday reported a loss of $3.9 million in its second quarter – but revenue topped Wall Street expectations.
“I am pleased with our business performance and financial results in the second quarter of 2023 demonstrating solid execution and a focus on serving our customers through a challenging economic environment,” said David Morken, Bandwidth’s CEO in a statement.
- MORE COVERAGE: Read the full earnings report online.
“Looking to the remainder of the year, we will maintain our strong focus on disciplined execution and expanded profitability while leveraging our global reach, regulatory experience, enterprise-grade APIs, and breakthrough innovations like Maestro for the benefit of our customers.”
Bandwidth also increased its financial guidance for the current quarter, upping the range to $588 million-$592 million from earlier projections of $576 million-$584 million, noted Zacks Research.
The Raleigh-based company said it had a loss of 15 cents per share. Earnings, adjusted for one-time gains and costs, came to 16 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The enterprise software developer posted revenue of $145.9 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $140.7 million.
For the current quarter ending in September, Bandwidth said it expects revenue in the range of $148 million to $150 million.
The company expects full-year revenue in the range of $588 million to $592 million.
Bandwidth shares have declined 39% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.90, a fall of 23% in the last 12 months.
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