Press release
Ribbon Communications Inc. Reports Second Quarter 2024 Financial Results
Net income increased 21% and Adjusted EBITDA up 65% in 1H 2024 YoY Continued improvement in gross margin and lower operating expenses Expect strong second
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Net income increased 21% and Adjusted EBITDA up 65% in 1H 2024 YoY \nContinued improvement in gross margin and lower operating expenses\nExpect strong second half based on growth from U.S. Tier 1, Rural Broadband, Enterprise, and India\nPLANO, Texas, July 24, 2024 /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 2024.\n\n \n \n \n \n \n \n\n \nRevenue for the second quarter of 2024 was $193 million, compared to $211 for the second quarter of 2023 and $180 million for the first quarter of 2024. First half 2024 GAAP Loss from Operations improved $26 million year over year to ($15 million), and Non-GAAP Adjusted EBITDA improved $13 million, or 65%, to $33 million. GAAP and Non-GAAP Gross Margin for the second quarter improved 260 and 240 basis points year over year, respectively.\n\"Earnings increased significantly in the first half of 2024 with Adjusted EBITDA increasing 65% year over year despite lower sales. The improvement in profitability was driven by higher gross margins and lower operating expenses year over year. Revenue in the second quarter was impacted by a large U.S. Federal deal that was delayed to the third quarter. Sales were also lower as we suspended product shipments into Eastern Europe due to the extended war in Ukraine and increased complexities of operating in the region,\" stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications.\nMr. McClelland added, \"We continue to project a strong second half of 2024 as we ramp the recently announced Verizon Voice Network modernization program and anticipate strong growth in several other areas such as Enterprise, U.S. Rural Broadband, Europe, and India. Recent changes in the competitive landscape also present an opportunity for further share expansion. However, we have adjusted our full year 2024 guidance slightly to reflect a more conservative outlook for the Eastern European region for the rest of the year.\"\nFinancial Highlights1\nThree months ended\nSix months ended\nJune 30,\nJune 30,\nIn millions, except per share amounts\n2024\n...