Published on 29 Feb 2024 on Zacks via Yahoo Finance

Bandwidth (BAND) Tops Q4 Earnings Estimates on Solid Revenues

Bandwidth Inc. BAND reported solid fourth-quarter 2023 results, beating the top-line and bottom-line estimates and well exceeding its guided range. The strong performance was backed by enterprises increasingly relying on Bandwidth’s platform for communications in the cloud. In order to drive growth, the company plans to focus on winning large enterprises and becoming the best global CPaaS (Communications Platform as a Service) platform for scaling digital engagement.

Quarter Details

On a GAAP basis, net loss during the quarter was $10.9 million or a loss of 42 cents per share compared with a loss of $4.9 million or a loss of 16 cents per share in the prior-year quarter. The wider loss, despite top-line growth, was primarily attributable to higher cost of revenues.Excluding non-recurring items, non-GAAP net income during the reported quarter was $11.1 million or 38 cents per share compared with $5.8 million or 19 cents per share in the prior-year quarter. The bottom line beat the Zacks Consensus Estimate by 14 cents. For 2023, GAAP net loss was $16.3 million or a loss of 64 cents per share compared with a loss of $14.9 million or a loss of 48 cents per share in 2022. Non-GAAP net income for 2023 was $24 million or 83 cents per share compared with $16.7 million or 54 cents per share in 2022.