Avid Technology Announces Q2 2020 Results
Avid Technology, Inc. (AVID)
Last avid technology, inc. earnings: 3/9 04:05 pm
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US:NASDAQ Investor Relations:
ir.avid.com/investor-relations
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Source: GlobeNewswire
68% Year-Over-Year Subscription Revenue Growth Driven by Continued Increase in Paid Subscriptions with Net Increase of 24,000 Subscriptions in the Quarter Operating Income Increased 214% Year-Over-Year from Improved Gross Margin and Significantly Reduced Operating Expenses BURLINGTON, Mass., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its second quarter 2020 financial results. During the second quarter, the Recurring Revenue components of the company’s business were resilient despite the COVID-19 global pandemic. The Company reported record subscription revenue of $16.4 million, up 68% year-over-year and maintenance revenue was stable, resulting in 8.5% year-over-year growth in Annual Contract Value. Also, in the quarter, Avid significantly improved its profitability as a result of higher gross margin coupled with a more efficient cost structure. The year-over-year impro
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