Business
Ribbon Communications Inc. Reports Second Quarter 2020 Financial Results
Revenue for Q2'20 grew to $210 million Ribbon Announces Strategic Sale of Kandy Communications Platform Software Product Sales grew 50% in Q2'20 compared to
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Revenue for Q2'20 grew to $210 million\n Ribbon Announces Strategic Sale of Kandy Communications Platform\n Software Product Sales grew 50% in Q2'20 compared to Q2'19\n\n\nWESTFORD, Mass., Aug. 5, 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 second quarter of 2020.\n\n \n \n \n \n \n \n\n \nRevenue for the second quarter of 2020 was $210 million, compared to $145 million for the second quarter of 2019, an increase of 45%. Approximately $64 million of the year-over-year revenue increase was attributable to the acquisition of ECI Telecom Group, Ltd. (ECI), which closed on March 3, 2020.\n\"We are pleased with our second quarter financial results during these challenging times. Demand for our industry leading voice-over-IP real-time communications solutions was strong as service providers and enterprises continue to increase capacity to support work-from-home communication and collaboration needs. We also began to see a recovery in our Packet Optical business compared to our first quarter 2020 as customers restarted delayed projects and initiated new deployments,\" said Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \nMr. McClelland added, \"We were especially proud of the confidence that Bharti Airtel has demonstrated in Ribbon to support the upgrade of their packet optical network that will readily support deployment of 5G enabled services.\"\nFinancial Highlights1,2The following table summarizes the consolidated financial highlights for the three and six months ended June 30, 2020 and 2019 (in millions, except per share amounts).\nThree months ended\nSix months ended\nJune 30,\nJune 30,\n2020\n2019\n2020\n2019\nGAAP Revenue\n$ 210\n$ 145\n$ 368\n$ 264\nGAAP Net (loss) income \n$ (8)\n$ 49\n$ (41)\n$ 19\nNon-GAAP Net income\n$ 8\n$ 16\n$ 9\n$ 7\nGAAP (loss) per share or diluted earnings per share\n$ (0.06)\n$ 0.45\n$(0.31)\n$ 0.17\nWeighted average GAAP shares\n144\n111\n133\n110\nNon-GAAP Diluted earnings per share\n$ 0.06\n$ 0.14\n$ 0.07\n$ 0.06\nWeighted average diluted shares\n151\n111\n136\n110\nNon-GAAP Adjusted EBITDA\n$ 30\n$ 22\n$ 39\n$ 20\nCash was $94 million at June 30, 202...