Avid Technology 3Q Results Beat Wall Street Expectations
BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Wednesday reported third-quarter net income of $8 million.
On a per-share basis, the Burlington, Massachusetts-based company said it had profit of 18 cents. Earnings, adjusted for stock option expense and restructuring costs, came to 27 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The audio and video technology company posted revenue of $90.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $83.4 million.
Avid shares have fallen nearly 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.36, a rise of 21% in the last 12 months.