Audiocodes closes a quarter with an increase in revenue and a decrease in profit

Audiocodes closes a quarter with an increase in revenue and a decrease in profit
Audiocodes closes a quarter with an increase in revenue and a decrease in profit

Audiocodes Ended the third quarter of the year with a 12.1% growth in revenue and an 18.7% increase in net income according to generally accepted accounting principles, compared to the corresponding quarter. The company, which provides communications solutions to businesses, posted revenue of $ 63.4 million, above analysts’ forecasts, and its net profit under accounting rules (GAAP) totaled $ 8.3 million. Non-GAAP net income, net of various accounting items, reached $ 12.9 million, a slight decrease from $ 13.3 million in the same quarter last year, and earnings per share were 38 cents, according to analysts’ forecasts.

As of the beginning of 2021, the company’s revenues totaled $ 183 million, a growth of 12.8% compared to the same period in 2020. Of the revenue, approximately $ 113 million came from the sale of products, a growth of 5.3% compared to the corresponding period, and approximately $ 69.4 million came from services provided by the company, a growth of 27.5%.

The net profit according to GAAP rules in the first three quarters of 2021 reaches $ 26.5 million, and the non-GAAP net profit – $ 38.4 million. In both cases, this is an increase compared to the corresponding period last year.

Since the beginning of the year, the company has generated $ 43.1 million from operating activities, while the third quarter contributed $ 13 million to operating cash flow. At the end of the period, the fund had $ 185 million in cash and short-term investments, after distributing $ 5.6 million in dividends during the quarter and using $ 13.8 million to buy its own shares, at an average price of $ 32.5 per share. The current price is about $ 33.9 and reflects a market value of $ 1.2 billion for Audiocodes.

Saturn Adlersberg, President and CEO of Audiocodes, said: “In the third quarter of 2021 we saw continued business momentum in communications sector activities for UCaas and Contact Center related organizations.”

He added: “We have experienced a steady increase in our service activity, which has expanded above 25% on an annual basis and which becomes a key activity as our business expands. qualifications”.

Adlersberg added that the field of voice artificial intelligence, which has grown by more than 100% at the annual level, is expected to bring in $ 5 million for the company this year, and Audiocodes continues to invest heavily in a field that is considered a significant growth engine for years to come.

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