On Wednesday Bandwidth Inc. (NASDAQ:BAND) stock recorded daily change of 0.54% to close at $55.45 with the total traded volume of 368706 shares along average volume of 302864 shares 52 week range of the stock remained $ 27.75 – 90.63 while its day low price was $53.38 and its hit its day high price at $55.75. Its previous closing value stands at $55.15. BAND total market capitalization is $1296961655. Currently stocks EPS is $0.85 while its price to earnings ratio is 65.4
On Nov. 6, 2019, Bandwidth Inc. (NASDAQ:BAND) a software company focused on communications for the enterprise, notified financial results for the third quarter ended September 30, 2019.
We believe our value proposition is strong and are pleased with our progress in driving adoption of our highly scalable platform of flexible APIs, our vertically integrated nationwide IP voice network that we built and operate, and our unique 911 capabilities. Enterprise customers who scale with our platform are increasingly viewing Bandwidth as a strategic partner and we take pride in succeeding when our customers succeed, stated David Morken, chief executive officer of Bandwidth. Looking ahead, we continue to be optimistic about the growth opportunities and I want to thank our team who remain focused on executing on our mission and delivering best-in-class service to our enterprise customers.
Third Quarter 2019 Financial Highlights
- Revenue: Total revenue for the third quarter of 2019 was $60.5 million, up 20% compared to $50.5 million in the third quarter of 2018. Within total revenue, CPaaS revenue was $51.5 million, up 24% compared to $41.5 million for the third quarter of 2018. Other revenue contributed the remaining $9.0 million for the third quarter of 2019. Other revenue was $8.9 million in the same period last year.
- Gross Profit: Gross profit for the third quarter of 2019 was $27.4 million, compared to $23.0 million for the third quarter of 2018. Gross margin for the third quarter of 2019 was 45%, compared to 46% for the third quarter of 2018. Non-GAAP gross profit for the third quarter of 2019 was $29.1 million, compared to $24.1 million for the third quarter of 2018. Non-GAAP gross margin was 48% for the third quarter of 2019, compared to 48% for the third quarter of 2018.
- Net Income (Loss): Net loss for the third quarter of 2019 was $(1.0) million, or $(0.04) per share, based on 23.4 million weighted average shares outstanding. During the third quarter of 2018, net income was $2.5 million, or $0.12 per share, based on 21.1 million weighted average diluted shares outstanding.
- Non-GAAP Net Loss: Non-GAAP net loss for the third quarter of 2019 was $(1.4) million, or $(0.06) per share, based on 23.4 million weighted average shares outstanding. This compares to a Non-GAAP net loss of $(1.0) million, or $(0.05) per share, based on 19.1 million weighted average shares outstanding for the third quarter of 2018.
- Adjusted EBITDA: Adjusted EBITDA was $(0.6) million for the third quarter of 2019, compared to $2.3 million for the third quarter of 2018.
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