Avid Loss Widens in 2Q
Video editing specialist Avid Technology posted a loss for the second quarter that exceeded analyst expectations. The company reported a net loss of $15.9 million, or 43 cents a share, on revenues of $150.5 million, for the three months ending June 30. During the same period a year ago, net loss was $10.4 million, or 28 cents a share, on revenues of $222.9 million.
Excluding special items--amortization of intangibles, stock-based compensation, restructuring charges and tax adjustments—net loss was $5.5 million or 15 cents a share. Analysts had Avid coming in at a loss of 13 cents a share on revenues of $155 million, Reuters said.
Cash on hand as of June 30 was $118.6 million, or around $3.18 per share. Shares of Avid slipped on the news of its 2Q results, from around $13.40 on Thursday to less than $12.50 a share on Friday, where it remained in Monday trading.
-- Deborah D. McAdams