Avid 3Q Numbers Top Wall Street Estimates

BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Tuesday reported third-quarter earnings of $14.8 million.

On a per-share basis, the Burlington, Massachusetts-based company said it had profit of 32 cents. Earnings, adjusted for one-time gains and costs, were 27 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The audio and video technology company posted revenue of $101.6 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $97 million.

Avid expects full-year earnings in the range of $1.18 to $1.26 per share, with revenue in the range of $398 million to $404 million.

Avid shares have increased 72% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.25, more than doubling in the last 12 months.