Tag: Avid

Avid Technology Inc (AVID) Q3 2020 Earnings Call Transcript

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Image source: The Motley Fool.

Avid Technology Inc (NASDAQ:AVID)
Q3 2020 Earnings Call
Oct 28, 2020, 5:30 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good afternoon, ladies and gentlemen, and welcome to the Avid Technology’s Third Quarter 2020 Earnings Call. [Operator Instructions]

Let me turn the call over to Whit Rappole, Vice President of Investor Relations. Please go ahead, sir.

Whit RappoleVice President Corporate Development and Investor Relations

Thank you, Keith. Good afternoon, everyone, and thank you for joining us today for Avid Technology’s third quarter 2020 earnings call for the

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Why Avid Technology Stock Is Surging Today

What happened

Shares of Avid Technology (NASDAQ:AVID) rose on Thursday after the technology provider to the media and entertainment industry reported its third-quarter results. While revenue was down a bit from the same period last year, sales improved from the second quarter and were ahead of analyst expectations. The stock was up about 11% at 11:25 a.m. EDT.

So what

Avid reported third-quarter revenue of $90.4 million, down 3.2% year over year but about $6.8 million higher than the average analyst estimate. Revenue was up about 14% from the second quarter.

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Revenue from subscriptions soared 74%

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Avid Technology (AVID) Q2 Earnings Expected to Decline

Avid Technology (AVID) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2020. This widely-known consensus outlook gives a good sense of the company’s earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on August 3, 2020, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management’s discussion

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Avid Technology (AVID) Gains As Market Dips: What You Should Know

In the latest trading session, Avid Technology (AVID) closed at $7.18, marking a +1.27% move from the previous day. The stock outpaced the S&P 500’s daily loss of 0.57%. At the same time, the Dow lost 0.8%, and the tech-heavy Nasdaq gained 0.03%.

Wall Street will be looking for positivity from AVID as it approaches its next earnings report date. The company is expected to report EPS of -$0.01, down 150% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $77.43 million, down 21.55% from the year-ago period.

AVID’s full-year Zacks Consensus Estimates are

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