BURLINGTON, MASS. - Avid's second quarter financial results fell short of expectations for the audio and video provider.
The company's net loss for the second quarter came to a total of $4.08 million, bringing Avid's total net loss for 2015 to $4.25 million. During the first quarter of 2014, Avid generated more than $5.55 million in revenue.
Avid's total net revenue for Q2 came in at $109.76 million, down nearly $10 million from Q1, with total costs reaching $43.47 million, resulting in a gross profit of $66.29 million. Those numbers are down $5.79 million from Q1 and $7.92 million from Q2 2014. The gross profit for 2015 to date is $138.39 million, down more than $20 million from the first six months of 2014.
Operating expenses increased from Q1 to Q2, coming in at $74.49 million for the second quarter, and totaling $145.47 million for 2015. Combined with Avid's gross profit, operating costs brought a loss of $8.19 million in Q2 and $7.08 million in 2015.
Failing to meet expectations for the second straight quarter, Avid CEO Louis Hernandez said in a conference call on Aug. 10 that industry trends, including elongated sales cycles for Tier One accounts and the transition of the industry, were contributing factors to the company's 2015 earnings.
We could certainly be impacted by an industrywide pause in traditional broadcast technology investment as enterprises evaluate how to deploy their capital, Hernandez said.
However, Avid remains positive that recent activity will cause a boost in the second half of 2015. Avid reached a milestone with 10,000 paid subscribers at the end of Q2; currently, the total number of paid subscribers has exceeded 12,000. The company also completed its acquisition of Orad back in June. In addition, new products that were announced are expected to bring back revenue; Avid predicts 17 million new product sales in the second half. This increased visibility has led Avid to raise its estimated net income from $72 million$78 million to $74 million-$80 million.
We believe the growth in revenue backlog, improving gross margins as a percent of revenue, the growth opportunity presented with the addition of Orad and the ability to accelerate our cost savings positions the company well for a strong second half of 2015, said John Frederick, Avid's chief financial and administrative officer.
To see the full Avid report, click here.
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BURLINGTON, MASS. - Avid's second quarter financial results fell short of expectations for the audio and video provider.
