Brightcove Inc. (NASDAQ: BCOV) recently released its financial results for the third quarter of fiscal year 2024, ending on September 30, 2024. The company reported revenue and profitability figures exceeding the high end of their guidance ranges, showcasing a significant return to double-digit adjusted EBITDA margins.
Marc DeBevoise, the Chief Executive Officer of Brightcove, expressed satisfaction with the quarter’s performance, highlighting the company’s success in achieving record average revenue per customer and a robust long-term backlog. DeBevoise emphasized the significance of the launch of the Brightcove AI Suite, demonstrating the company’s commitment to innovation and delivering value to customers.
– Revenue: $49.9 million, a 2% decrease from the same period in 2023.
– Gross Profit: $31.6 million, with a gross margin of 63%.
– Income from Operations: ($2.8) million, compared to ($2.3) million in the same quarter last year.
– Net Income: ($3.0) million, or ($0.07) per diluted share.
– Adjusted EBITDA: $5.1 million, representing a 10% adjusted EBITDA margin.
The company also reported positive cash flow provided by operations and an increase in cash and cash equivalents as of September 30, 2024, compared to the previous year.
Recent Highlights and Business Outlook:
Brightcove introduced several new solutions during the third quarter. The company signed agreements with various customers, including media companies and enterprises. Brightcove received recognition as the “Best Overall Marketing Company” in the MarTech Breakthrough Awards for its Marketing Studio solution.
Looking ahead, Brightcove provided guidance for the fourth quarter of 2024, expecting revenue in the range of $48.0 million to $49.0 million. The company anticipates adjusted EBITDA to be in the range of $3.0 million to $4.0 million for the same period.
For the full year 2024, Brightcove raised its revenue guidance to be in the range of $197.7 million to $198.7 million, up from the previous forecast. The company also adjusted its expectations for adjusted EBITDA to $16.8 million to $17.8 million for the full year.
Brightcove’s earnings call is scheduled for November 4, 2024, at 5:00 p.m. (Eastern Time) to discuss the financial results and business outlook. Interested parties can access the live stream on the company’s Investor page.
Brightcove Inc., known for its innovative streaming technology solutions, continues to focus on delivering value to its customers and driving growth in a challenging market environment.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Brightcove’s 8K filing here.
Brightcove Company Profile
Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company’s solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.
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