Avid: 2Q Earnings Snapshot
BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Monday reported a loss of $10.7 million in its second quarter.
On a per-share basis, the Burlington, Massachusetts-based company said it had a loss of 25 cents. Earnings, adjusted for non-recurring costs, came to 2 cents per share.
The audio and video technology company posted revenue of $98.7 million in the period.
For the current quarter ending in October, Avid said it expects revenue in the range of $101 million to $109 million.
The company expects full-year earnings in the range of 60 cents to 72 cents per share, with revenue ranging from $420 million to $430 million.
Avid shares have more than doubled since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.68, a rise of 77% in the last 12 months.