Summary :
The Burlington, Massachusetts-based company said it had profit of 16 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 26 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
Avid expects full-year earnings in the range of $1.37 to $1.53 per share, with revenue ranging from $425 million to $455 million.
BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Tuesday reported second-quarter net income of $7.4 million.
The Burlington, Massachusetts-based company said it had profit of 16 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 26 cents per share.The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.The audio and video technology company posted revenue of $97.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $95.9 million.
For the current quarter ending in October, Avid expects its per-share earnings to range from 27 cents to 39 cents.
The company said it expects revenue in the range of $100 million to $112 million for the fiscal third quarter.
Avid expects full-year earnings in the range of $1.37 to $1.53 per share, with revenue ranging from $425 million to $455 million.
Avid shares have fallen 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.09, a decline of 26% in the last 12 months.This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVID at https://www.zacks.com/ap/AVID
