Business
Ribbon Communications Inc. Releases First Quarter Financial Results
Revenue was $158 million for the first quarter of 2020 First Quarter 2020 software sales grew 62 percent compared with first Quarter 2019 Completed the merger
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Revenue was $158 million for the first quarter of 2020\n First Quarter 2020 software sales grew 62 percent compared with first Quarter 2019\n Completed the merger with ECI Telecom during March 2020\n\n\nWESTFORD, Mass., May 6, 2020 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of converged communications software and network solutions to Service Providers, Enterprises, and critical infrastructure sectors, today announced its financial results for the first quarter of 2020.\n\n \n \n \n \n \n \n\n \nRevenue for first quarter of 2020 was $158 million compared with $119 million in first quarter of 2019, an increase of 33%. Approximately $30 million of the year-over-year revenue increase was attributable to the acquisition of ECI Telecom Group, Ltd. (ECI), which closed on March 3, 2020.\n\"We are pleased with our first quarter sales results. In the face of very difficult global conditions for our customers and employees arising from the COVID-19 pandemic, we achieved organic revenue growth of eight percent compared with the first quarter of last year, driven by strong demand for our communications software as our customers responded to increased traffic on their networks,\" said Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \"We saw an increase in session software deployments to facilitate remote work and Ribbon's multi-year investments in fully virtualized software and cloud products allowed us to rapidly deploy solutions for our Service Provider and Enterprise customers.\" \nMr. McClelland added, \"During March we successfully completed the merger with ECI. Although the ongoing pandemic has impacted demand in certain regions and created supply chain challenges for our Packet Optical Network products, we are excited about the opportunities this merger provides, with an impressive breadth of products to serve our combined global customer base.\" \nFinancial Highlights1,2The following table summarizes the consolidated first quarter financial highlights for 2020 and 2019 (in millions, except per share amounts).\nThree months Ended\n($ in millions, except per share amounts)\nMarch 31,\n2020\n2019\nGAAP Total revenue\n$ 158\n$ 119\nGAAP Gross Margin\n52%\n48%\nGAAP Net loss \n$ (33)\n$ (31)\nNon-GAAP Net income (Loss)\n$ 1\n$ (9)\nGAAP Loss per share3\n$ (0.27)\n$ (0.29)...