Shift to mobile, online TV spurs solid Brightcove Q3 sees
Parent Category: 26-10-2013
What now seems a secular trend towards mobile and online video and TV adoption has been confirmed in the latest quarterly results from Brightcove.
For the quarter ended 30 September 2013, the global provider of cloud video services posted total revenue of $28.5 million, an increase of 29% compared with the quarter in the previous year. In addition, subscription and support revenue was $26.5 million, an increase of 23% compared with Q2 2012 and professional services and other revenue was $2.0 million, as opposed to the $568,000 banked a year ago.
The revenue spike drove a gross profit for the third quarter of 2013 was $19.3 million, compared with $15.1 million for the third quarter of 2012, and gross margin was 68% for the third quarter of 2013. Non-GAAP gross profit for the third quarter of 2013 was $19.6 million, representing a year-over-year increase of 28% and a non-GAAP gross margin of 69%.
Loss from operations was $1.3 million for the third quarter of 2013, compared to a loss of $3.7 million for the third quarter of 2012. Yet the company also celebrated the fact that it had generated non-GAAP income from operations for first time in its history.
“Brightcove delivered solid third quarter results,” said company CEO David Mendels."The shift to online and mobile consumption of digital media continues to accelerate and customers are looking for a flexible, robust and cost-effective platform that enables them to deliver a compelling viewing experience to their customers…we believe Brightcove is well positioned to capitalise on this significant trend.”
Looking ahead at the fourth quarter of 2013, Brightcove expects revenue to be $28.0 million to $28.5 million, and non-GAAP income from operations to be $350,000 to $650,000.