Press release
Ribbon Communications Inc. Reports Second Quarter 2023 Financial Results
IP Optical Networks Sales up 24% and Enterprise up 65% Year Over Year PLANO, Texas, July 26, 2023 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a
About this update from Ribbon Communications Inc.
[{"type":"text","content":"IP Optical Networks Sales up 24% and Enterprise up 65% Year Over Year\nPLANO, Texas, July 26, 2023 /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 2023.\n\n \n \n \n \n \n \n\n \nRevenue for the second quarter of 2023 was $211 million, compared to $206 million for the second quarter of 2022 and $186 million for the first quarter of 2023.\n\"Ribbon delivered solid results in the second quarter with sequential and year-over-year growth in both revenue and earnings. IP Optical Networks continued to build momentum with sales increasing 24% versus the same period in 2022, extending the trend of double-digit growth for the fourth consecutive quarter. Shipments to India continued to grow, and our cross-sell strategy resulted in strong growth in North America and Japan. Sales of our Cloud & Edge communications products to Enterprise customers grew 94% year over year, including a new strategic U.S. Federal agency win supporting modernization of critical voice communications,\" stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. \"We continue to anticipate a stronger second half and are maintaining our full year guidance range for 2023, but, due to the overall projected mix, Adjusted EBITDA is expected to be towards the lower half of our $95-110M range, a significant 50% improvement vs. 2022.\"\nFinancial Highlights1\nThree months ended\nSix months ended\nJune 30,\nJune 30,\nIn millions, except per share amounts\n2023\n2022\n2023\n2022\nGAAP Revenue\n$ 211\n$ 206\n$ 397\n$ 379\nGAAP Net income (loss)\n$ (21)\n$ (30)\n$ (60)\n$ (100)\nNon-GAAP Net income (loss)\n$ 8\n$ 10\n$ 5\n$ (2)\nNon-GAAP Adjusted EBITDA\n$ 23\n$ 21\n$ 20\n$ 12\nGAAP diluted earnings (loss) per share \n$ (0.13)\n$ (0.20)\n$ (0.35)\n$ (0.67)\nNon-GAAP diluted earnings (loss) per share\n$ 0.04\n$ 0.06\n$ 0.03\n$ (0.01)\nWeighted average shares outstanding basic\n170\n150\n169\n150\nWeighted average shares outstanding diluted\n175\n154\n175\n154\n1 Please see the reconciliations of non-GAAP financial measures to the most directly ...