Shares of cloud-based services provider for video, Brightcove Inc. (BCOV) are climbing more than 10% Thursday morning on better-than-expected fourth-quarter earnings. The company also provided first quarter outlook, better than the Street view.
Brightcove reported net income of $2.0 million, or $0.05 per share in the fourth quarter compared with net loss of $6.7 million, or $0.17 per share in the same quarter a year ago. Excluding items, earnings of $0.14 per share beat the average estimate of analysts polled by Thomson Reuters at $0.06 per share.
Revenue for the fourth quarter increased 13% year-over-year to $53.7 million, on 14% growth in subscription and support revenue .
Looking forward to the first quarter, revenue is expected to be in the range of $53.0 million to $54.0 million and adjusted EPS to be in the range of $0.09 to $0.11.Analysts see earnings of $0.08 per share on revenue of $50.44 million.
For the full-year, the company sees revenue in the range of $211.0 million to $217.0 million and adjusted EPS to be in the range of $0.44 to $0.56. The consensus estimate for earnings is $0.38 per share and for revenue is $212.44 million.
BCOV touched a new high of $23.84 this morning, before declining to $22.54 of current level.
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