Stock Track | Bandwidth Stock Soars After Blowout Q3 Results, Raised 2024 Outlook

Stock Track10-31

Shares of Bandwidth Inc. (BAND) surged over 15% in pre-market trading on Wednesday after the enterprise cloud communications company reported blowout third-quarter results that topped Wall Street estimates and provided an upbeat full-year outlook.

For the third quarter, Bandwidth posted adjusted earnings of $0.43 per share, easily beating analysts' expectations of $0.32 per share. Revenue jumped nearly 28% year-over-year to $194 million, also surpassing the consensus estimate of $181.992 million.

Fueled by the strong performance, Bandwidth raised its full-year 2024 revenue forecast range to $737 million to $747 million, up from its prior guidance of $710 million to $720 million. The company also hiked its adjusted EBITDA outlook for the year to $78 million to $80 million from $72 million to $76 million previously.

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