— Avid Technology Inc. (NASDAQ: AVID) reported its fourth-quarter 2019 adjusted earnings of $0.28 per share versus $0.30 per share expected.
— Revenue rose by 3.2% to $116.3 million versus $111.85 million expected.
— Subscription revenue jumped by 53.6% year-over-year to $15.8 million. Subscription and Maintenance revenue increased by 10.3% to $49.3 million.
— Operating expenses rose by 5.7% due to higher R&D investment and growing web-store fees from increased transaction volume as well as temporary items related to the timing of bonus accrual and higher sales commissions.
— Annual contract value increased by 13% to $280 million at the end of 2019 from last year. This reflects continuing growth in high-margin subscription revenue plus maintenance revenues and revenues under long-term agreements.
— Looking ahead into the first quarter of 2020, the company expects revenue in the range of $95-105 million. Analysts expect revenue of $104.1 million.
— For the full year 2020, the company expects revenue in the range of $417-437 million and adjusted earnings of $0.84-0.93 per share. The consensus estimates EPS of $0.77 on revenue of $419.99 million.
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