BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Avid Technology Inc. (AVID) on Thursday reported a first-quarter loss of $381,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the Burlington, Massachusetts-based company said it had a loss of 1 cent. Earnings, adjusted for stock option expense and non-recurring costs, were 15 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The audio and video technology company posted revenue of $97.8 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $100.8 million.
For the current quarter ending in June, Avid expects its per-share earnings to range from 15 cents to 30 cents.
The company said it expects revenue in the range of $101 million to $111 million for the fiscal second quarter.
Avid expects full-year earnings in the range of $1.53 to $1.75 per share, with revenue ranging from $447 million to $472 million.
Avid shares have decreased 6.5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $24.85, a drop of 23% 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
/Apple%20Inc%20logo%20on%20Apple%20store-by%20PhillDanze%20via%20iStock.jpg)
/Elon%20Musk%2C%20founder%2C%20CEO%2C%20and%20chief%20engineer%20of%20SpaceX%2C%20CEO%20of%20Tesla%20by%20Frederic%20Legrand%20-%20COMEO%20via%20Shutterstock.jpg)
