Brightcove improves financials in Q4
Michelle Clancy | 31-01-2014
Cloud video service provider Brightcove has reported fourth quarter 2013 revenues of $29.7 million, an increase of 22% compared with $24.3 million for the same period of 2012.
And even if it still hasn't turned a profit, its losses are narrowing. Loss from operations was $1 million for Q4 2013, compared to a loss of $4.6 million for Q4 2012. Net loss came in at $1.2 million, or $0.04 per diluted share, for Q4 2013. This compares favourably to a net loss attributable to common stockholders of $4.7 million, or $0.17 per diluted share, for Q4 2012.
Gross profit for the fourth quarter of 2013 was $19.8 million, compared to $16.7 million for the fourth quarter of 2012, and gross margin for the fourth quarter of 2013 was 67%. Subscription and support revenue was $27.2 million, an increase of 17% compared with $23.2 million for Q4 2012. Professional services and other revenue was $2.5 million, compared to $1.1 million for Q4 2012.
"We are pleased to report a strong finish to the 2013 financial results, with quarterly results that exceeded our guidance on both the top and bottom line," commented CEO David Mendels. "We believe we are at the very early stages of a fundamental disruption of the television market as the trends in consumer viewing move sharply towards online consumption. With our recently announced acquisition of Unicorn Media, we will be able to dramatically improve the ability of media companies to effectively target, personalize and monetise their online video content across the broadest range of devices."
Total revenue for the whole year was $109.9 million for 2013, an increase of 25%, while loss from operations was $9.5 million for 2013, compared to a loss of $15.4 million for 2012. Net loss attributable to common stockholders was $10.3 million.