Orlando, FL 3/12/12 (StreetBeat) -- Shares of Avid Technology Inc. (Nasdaq: AVID) slid 17 percent before the market open on Thursday after the company's first-quarter revenue outlook fell below Wall Street's expectations.The Burlington, Mass., company also said Wednesday that it expects an operating loss in the January-March quarter.
The maker of equipment and software for recording music and video said it anticipates about $152 million in revenue for the period ended March 31. Analysts surveyed by FactSet predicted revenue of $160.8 million.
Lower demand from home studio customers such as amateur musicians and DJs led to a 30 percent decline in revenue in a division Avid calls creative enthusiast. Avid said its other business was down modestly compared with last year.
The company anticipates a first-quarter loss before interest expenses and taxes of about $15 million, or a loss of $8 million after also taking out restructuring and acquisition-related costs and other items. That compares with a profit of $900,000, excluding expenses, income taxes and one-time items, in the first three months of 2011.
Avid said it expect to report full first-quarter financial results on April 26. Its stock dropped $1.78 to $8.50 in premarket trading. Shares are up 20.5 percent in 2012, but have dropped 51 percent over the past 12 months.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.
StreetBeat Disclaimer
No comments:
Post a Comment