Bandwidth Inc. (BAND), an enterprise cloud communications company, reported Tuesday that its first-quarter net loss was $9.23 million, compared to profit of $3.61 million last year.
On a per share basis, loss widened to $0.35 from prior year's loss of $0.28.
Adjusted earnings per share were $0.27, compared to $0.05 last year. Analysts on average expected the company to report earnings of $0.20 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Adjusted EBITDA grew to $16 million from prior year's $5 million. Revenue grew to $171.03 million from last year's $137.84 million.
Looking ahead for the second quarter, the company projects revenue of $171 million to $175 million and adjusted EBITDA of $15 million to $17 million.
For fiscal 2024, the company now expects revenue of $710 million to $720 million, and adjusted EBITDA of $72 million to $76 million.
David Morken, CEO of Bandwidth, said, "Delivering on our promise of profitable growth we are raising our full-year guidance with revenue expected to grow approximately 19 percent and Adjusted EBITDA to increase 54 percent. We've had an impressive start to 2024, exceeding our initial forecasts and raising our projections for the remainder of the year. Our direct-to-enterprise business has shown robust growth, marking a 20 percent increase in the first quarter.'
Bandwidth further announced that Anthony Bartolo will be leaving his position as Chief Operating Officer later this year.
In pre-market activity on the Nasdaq, Bandwidth shares were gaining around 7.8 percent to trade at $22.11.
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