Bandwidth Shares Rise After 3Q Earnings, Higher 2024 Revenue Guidance

Dow Jones10-31

By Chris Wack

Bandwidth shares rose on Thursday after the company reported unexpected third-quarter earnings, and raised guidance.

Shares of the cloud communications company were up 14% to $21.39, and have doubled in the last 12 months.

The company reported quarterly earnings of $413,000, or 1 cent a share, compared with a loss of $5.1 million, or 20 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $8.1 million.

Revenue for the quarter was $193.9 million, compared with last year's $152 million and the $182.1 million analysts were expecting.

Bandwidth raised its 2024 revenue forecast to a $737 million to $747 million range, from $710 million to $720 million. Analysts are looking for 2024 revenue of $716.1 million. The company is expecting revenue for the fourth quarter of $198 million to $208 million, while analysts are forecasting revenue of $189.3 million.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 31, 2024 10:17 ET (14:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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