AP NEWS

Avid: 4Q Earnings Snapshot

March 9, 2020 GMT

BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Monday reported fourth-quarter earnings of $15.4 million.

On a per-share basis, the Burlington, Massachusetts-based company said it had profit of 35 cents. Earnings, adjusted for one-time gains and costs, came to 28 cents per share.

The audio and video technology company posted revenue of $116.3 million in the period.

For the year, the company reported net income of $7.6 million, or 17 cents per share, swinging to a profit in the period. Revenue was reported as $411.8 million.

For the current quarter ending in April, Avid said it expects revenue in the range of $95 million to $105 million.

The company expects full-year earnings in the range of 84 cents to 93 cents per share, with revenue ranging from $417 million to $437 million.

Avid shares have declined 28% since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.15, a climb of 39% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVID at https://www.zacks.com/ap/AVID