BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Avid Technology Inc. (AVID) on Wednesday reported a second-quarter loss of $4.6 million, after reporting a profit in the same period a year earlier.
The Burlington, Massachusetts-based company said it had a loss of 10 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 22 cents per share.
The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 22 cents per share.
The audio and video technology company posted revenue of $108.5 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $103.5 million.
Avid shares have dropped slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.55, a rise of 1% in the last 12 months.
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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
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