Business
Bandwidth Announces Second Quarter 2019 Financial Results
RALEIGH, N.C., July 31, 2019 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a software company focused on communications for the enterprise, today announced
About this update from Bandwidth Inc.
[{"type":"text","content":"RALEIGH, N.C., July 31, 2019 /PRNewswire/ -- Bandwidth Inc. (NASDAQ: BAND), a software company focused on communications for the enterprise, today announced financial results for the second quarter ended June 30, 2019. \n\n \n\"Our relentless focus on customer success along with our investments in our platform and people continue to drive our growth. The business performed well in the second quarter, as we saw further growth with both new and existing customers,\" stated David Morken, chief executive officer of Bandwidth. \"Our go-to-market investments continue to attract innovative companies to our platform and our proven ability to foster deep multi-faceted relationships with existing enterprise customers will increasingly contribute to our success. We remain focused on executing our plan and helping our customers succeed.\" \nSecond Quarter 2019 Financial Highlights\nRevenue: Total revenue for the second quarter of 2019 was $56.8 million, up 18% compared to $48.3 million in the second quarter of 2018. Within total revenue, CPaaS revenue was $48.0 million, up 20% compared to $39.8 million for the second quarter of 2018. Other revenue contributed the remaining $8.8 million for the second quarter of 2019. Other revenue was $8.5 million in the same period last year. Gross Profit: Gross profit for the second quarter of 2019 was $26.7 million, compared to $21.7 million for the second quarter of 2018. Gross margin for the second quarter of 2019 was 47%, compared to 45% for the second quarter of 2018. Non-GAAP gross profit for the second quarter of 2019 was $28.2 million, compared to $22.8 million for the second quarter of 2018. Non-GAAP gross margin was 50% for the second quarter of 2019, compared to 47% for the second quarter of 2018. Net Income: Net income for the second quarter of 2019 was $3.5 million, or $0.14 per share, based on 24.4 million weighted average diluted shares outstanding. During the second quarter of 2018, net income was $10.5 million, or $0.50 per share, based on 20.9 million weighted average diluted shares outstanding for the second quarter of 2018. Non-GAAP Net Income (Loss): Non-GAAP net loss for the second quarter of 2019 was $(0.9) million, or $(0.04) per share, based on 23.1 million weighted average shares outstanding. This compares to a Non-GAAP net income of $4.1 million, or $0.20 per share, based on 20....