Avid reports mixed Q2 results
| 11 August 2015
Post-production giant Avid has released its second quarter results, reporting constant dollar bookings for marketed products of $122 million, flat year-over-year as the strong US dollar put pressure on reported bookings and revenue.
But, overall revenue came in at $118 million for the quarter, up 5% sequentially and down 8% year-over-year. Adjusted EBITDA was $1.4 million as compared to $10.7 million in second quarter of 2014.
"We had another quarter of meaningful operational progress and important accomplishments which has culminated in improved visibility as we enter the second half of 2015," said Louis Hernandez Jr, chairman, president and CEO of Avid. "The ongoing transformation to a recurring revenue model is accelerating; we launched new industry-leading products that exceeded expectations, closed the Orad acquisition, restructured our balance sheet and have aggressively taken action on our cost-saving programmes."
He added: "During Q2, we hit major milestones in subscription and platform adoption, which are encouraging proof points that the Avid Everywhere strategy continues to resonate with our customers and that our business mix is continuing to improve."