Avid Technology Q2 Results Miss Street, Shares Tank 17%

(RTTNews) - Shares of Avid Technology (AVID) plunged 17% on extended trading session Monday after reporting an adjusted earnings and revenues for the second quarter that fell short of estimates.

Net loss for the second quarter widened to $10.7 million or $0.25 per share from $8.5 million or $0.20 per share.

Adjusted earnings for the quarter were $0.02 per share, compared to a loss of $0.10 per share last year.

Second-quarter revenues rose slightly to $98.7 million from $98.6 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.03 per share and revenues of $101.3 million.

"Despite some slight revenue headwinds in the second quarter related to our supply chain transition, I am pleased with our overall performance in the first half of 2019 as our results are in line with our plans. We are better positioned emerging from the first half than we have been in many years," said Jeff Rosica, CEO and President of Avid.

Looking forward to the third quarter, Avid expects revenues of $101 million to $109 million. Analysts currently estimate revenues of $106.52 million.

For the full year 2019, Avid expects revenues of $420 million to $430 million. Analysts currently estimate revenues of $425.77 million.