Press release
Ribbon Communications Inc. Reports Second Quarter 2022 Financial Results
Revenue grew 19% sequentially to $206 million for the second quarter of 2022 Profitability improves as gross margin increases 600bps to 51% PLANO, Texas, July
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Revenue grew 19% sequentially to $206 million for the second quarter of 2022\nProfitability improves as gross margin increases 600bps to 51%\nPLANO, Texas, July 27, 2022 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world's largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced its financial results for the second quarter of 2022.\n\n \n \n \n \n \n \n\n \nRevenue for the second quarter of 2022 was $206 million, compared to $211 million for the second quarter of 2021 and $173 million for the first quarter of 2022. GAAP gross margin for the second quarter of 2022 was 51%, compared to 56% for the second quarter of 2021 and 45% for the first quarter of 2022. Adjusted gross margin for the second quarter of 2022 was 55%.\n\"Our results for the second quarter reflect the strong foundation provided by our Cloud & Edge business and the presence we have with major carriers around the world\" noted Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \"As we enter the second half of 2022, we expect to see the benefits of the significant investment we are making in new product development as several new products arrive on the market. Our pipeline of opportunities continued to grow in the second quarter and provide the roadmap to further growth in 2023.\" \nFinancial Highlights1\nIn millions, except per share amounts\nThree months ended\nSix months ended\nJune 30,\nJune 30,\n2022\n2021\n2022\n2021\nGAAP Revenue\n$ 206\n$ 211\n$ 379\n$ 404\nGAAP Net income (loss)\n$ (30)\n$ 23\n$ (100)\n$ (21)\nNon-GAAP Net income (loss)\n$ 10\n$ 27\n$ (2)\n$ 32\nNon-GAAP Adjusted EBITDA\n$ 21\n$ 43\n$ 12\n$ 63\nGAAP diluted earnings (loss) per share \n$ (0.20)\n$ 0.15\n$ (0.67)\n$ (0.15)\nNon-GAAP diluted earnings (loss) per share\n$ 0.06\n$ 0.17\n$ (0.01)\n$ 0.21\nWeighted average shares outstanding basic\n150\n147\n150\n147\nWeighted average shares outstanding diluted\n154\n154\n154\n155\n1 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled \"Discussion of Non-GAAP Financial Measures\" in the attache...