AVID TECHNOLOGY Reports Fourth Quarter FY2022 Earnings Results for December 31, 2022
March 5, 2023
Earnings report
On March 1, 2023, AVID TECHNOLOGY ($NASDAQ:AVID) announced its earnings results for the fourth quarter of FY2022, ending December 31, 2022. The reported total revenue for the quarter was USD 25.3 million, which is a 66.0% increase year over year.
However, the reported net income decreased 2.5% year over year to USD 116.1 million. This represented a slight decline compared to the same period the previous year. The company attributed its strong revenue growth to its continued focus on delivering innovative products and services that meet customer needs.
Additionally, AVID TECHNOLOGY has invested heavily in technological advancements and product development, which have enabled the company to stay competitive in a rapidly-evolving market. AVID TECHNOLOGY’s financial results highlight the company’s commitment to investing in innovative solutions and continuing to provide outstanding customer service. Moving forward, the company will continue to seek out opportunities for growth and new ways to reach customers with its products and services.
Market Price
The stock opened at $29.1 but closed at $28.9, a 0.6% dip from the previous closing price of $29.1. This is a strong indication that the company is continuing to remain successful in its goal of providing high-quality solutions to its customers and that its growth is steady and secure. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Avid Technology. More…
| Total Revenues | Net Income | Net Margin |
| 417.41 | 55.24 | 13.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Avid Technology. More…
| Operations | Investing | Financing |
| 48.02 | -15.25 | -52.7 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Avid Technology. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 287.45 | 406.24 | -2.71 |
Key Ratios Snapshot
Some of the financial key ratios for Avid Technology are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.5% | 18.4% | 13.1% |
| FCF Margin | ROE | ROA |
| 7.9% | -26.3% | 11.9% |
Analysis
At GoodWhale, we recently conducted an analysis of AVID TECHNOLOGY‘s financials and it has been graded a medium risk investment. This rating is based on our Risk Rating system that looks at financial and business aspects. Our analysis has detected two warnings in both their income sheet and balance sheet. To view the details of our analysis, please register with us. We give detailed insights into the performance of AVID TECHNOLOGY and provide more comprehensive results on their risk rating so you can make better decisions when investing. More…
Peers
The company’s competitors include 7digital Group PLC, NanoTech Entertainment Inc, and Shutterstock Inc.
– 7digital Group PLC ($LSE:7DIG)
7digital Group PLC is a digital media company that provides music, radio, and other entertainment services. The company has a market cap of 7.49M as of 2022 and a Return on Equity of 20.43%. 7digital Group PLC offers a variety of music-related services, including online music stores, radio stations, and other entertainment services. The company also provides digital media content and services to a variety of clients, including mobile phone operators, retailers, and media companies.
– NanoTech Entertainment Inc ($OTCPK:NTEK)
NanoTech Entertainment Inc is a media and entertainment company that creates and distributes digital content and services. The company has a market cap of 1.19M as of 2022. NanoTech’s products and services include video games, music, movies, and TV shows. The company’s mission is to provide high-quality entertainment experiences to consumers around the world.
– Shutterstock Inc ($NYSE:SSTK)
Shutterstock Inc is a publicly traded company that provides digital content and services. Its market cap as of 2022 is 1.7 billion dollars and its return on equity is 14.64%. The company was founded in 2003 and is headquartered in New York City. Shutterstock Inc provides digital content and services to businesses and individuals around the world. Its products and services include royalty-free images, video clips, and music. Shutterstock Inc also offers a variety of tools and services to help businesses and individuals create and manage their digital content.
Summary
AVID Technology reported strong financials in the latest quarter. Total revenue increased by 66% year-over-year with USD 25.3 million.
However, net income was slightly down, decreasing by 2.5% to USD 116.1 million. The company showed great growth and these results demonstrate that AVID Technology is a safe and profitable investment. Despite the slight decrease in net income, investors can expect continuous growth in revenues and stable future performance in the long-term.
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