AudioCodes Beats On Revenue In Q1, Misses On Earnings

(RTTNews) - AudioCodes Ltd. (AUDC), a vendor of advanced communications software, products and productivity solutions for the digital workplace, on Monday reported a decline in earnings for the first quarter mainly on higher operating expenses. Earnings missed the Street estimates. Revenue, however, grew 12.8 percent and came in above the consensus view.

Net income for the period was $8.6 million, or $0.26 per share as compared to $10 million or $0.29 per share in the first quarter of the previous financial year.

Excluding items, earnings stood at $11.2 million or $0.33 per share, as compared to $12.7 million or $0.37 per share in the previous period, attributed to larger share-based compensation of R&D expenses and lower exchange gains.

3 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.36 per share. Analysts typically exclude one-time items.

Operating Income decreased to $8.1 million, from $10.1 million in the corresponding period of the previous year, primarily due to larger operating expenses.

Revenues for the quarter, however, increased to $66.4 million from $58.8 million in the previous period, aided by the strong sales in the Unified Communications and Collaboration (UCC) business.

4 analysts polled by Thomson Reuters were expecting the company to report revenues of $66.29 million.

Shares of AudioCodes closed Friday's trading at $23.53, down $0.46 or 1.92 percent from the previous close.