The provider of cloud-based video streaming services reported total revenue for the fourth quarter of 2012 of $24.3 million, an increase of 31 percent compared to $18.5 million for the fourth quarter of 2011. Gross profit for the fourth quarter of 2012 was $16.7 million, compared to $12.9 million for the fourth quarter of 2011. Excluding items, adjusted net loss totaled $1.5 million, or 5 cents per share, compared to a net loss of $2.7 million, or 53 cents per share in the year prior quarter.
Revenue and net loss actually beat the expectations of Wall Street analysts, whom were calling for revenue of $23.2 million and a net loss of 7 cents per share.
What wiped the luster off the stock was the company’s 2013 guidance. Brightcove said that it expects an adjusted net loss in the range of 18 cent to 25 cents per share and revenue between $102 million and $105 million.
Analysts were only expecting a loss of 13 cents per share and revenue of $106 million.
Keeping things upbeat, Brightcove chairman and chief executive* Jeremy Allaire said in a corporate statement, “Brightcove ended 2012 on a strong note, with our fourth quarter results once again exceeding our revenue and profitability guidance.” Why the asterisk, you may ask? Because Brightcove also announced that Allaire has resigned as CEO and that Chief Operating Officer David Mendels is assuming the Allaire’s position on March 31. At that time, Allaire will become the Executive Chairman of the Board.
Meanwhile, Accel Partners’ James Breyer resigned from the Brightcove board, the company said today.
For the complete 2012 year, total revenue for Brightcove was $88.0 million, an increase of 38 percent compared to $63.6 million for 2011. Gross profit was $60.6 million for 2012, compared to $43.3 million for 2011. Non-GAAP gross profit was $61.2 million for 2012, representing a year-over-year increase of 41 percent. Excluding items, adjusted net loss for 2012 was $8.3 million, or 34 cents per share, compared to an adjusted net loss of $13.4 million, or $2.74 per share in 2011.
Share of BCOV debuted February 17 at $14.50 per share. After a run to highs of $25.43 at the end of March, shares have been steadily bleeding-out value since, closing Thursday at $8.42. Shares plunged with the guidance today, dropping to close down by 27.4 percent at $6.11 after establishing a new record low at $5.97.
Brightcove (BCOV) Stock Quote and News:
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