Press release
Ribbon Communications Inc. Reports Third Quarter 2023 Financial Results
Projecting significant improvement in full year company profitability IP Optical Networks Sales up 14% Year to Date – on track to achieve profitability in
About this update from Ribbon Communications Inc.
[{"type":"text","content":"Projecting significant improvement in full year company profitability \nIP Optical Networks Sales up 14% Year to Date – on track to achieve profitability in Fourth Quarter 2023\nPLANO, Texas, Oct. 25, 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 third quarter of 2023.\n\n \n \n \n \n \n \n\n \nRevenue for the third quarter of 2023 was $203 million, compared to $207 million for the third quarter of 2022 and $211 million for the second quarter of 2023.\n\"Ribbon delivered solid earnings in the third quarter as GAAP Income from Operations improved by $4 million and Non-GAAP Adjusted EBITDA increased 21% year over year. IP Optical Networks sales have increased 14% year-to-date and were up 6% in the third quarter with approximately 50% sales growth in India, the U.S., and Japan. However, IP Optical Networks sales in the EMEA region were approximately 20% lower in the quarter. Strategically, we went into live commercial service with our Neptune IP Router at a U.S. Tier One Service Provider this quarter. Cloud & Edge sales were lower primarily due to reduced spending from U.S. Tier One Service Providers, offset by additional voice modernization sales to U.S. Federal agencies,\" stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications.\n\"For the fourth quarter, we anticipate a strong finish to the year led by sequential growth in both the IP Optical Networks and Cloud & Edge segments. We expect to achieve our goal of positive Non-GAAP Adjusted EBITDA for the IP Optical Networks segment in the fourth quarter,\" continued Mr. McClelland.\nFinancial Highlights1\nThree months ended\nNine months ended\nSeptember 30,\nSeptember 30,\nIn millions, except per share amounts\n2023\n2022\n2023\n2022\nGAAP Revenue\n$ 203\n$ 207\n$ 600\n$ 586\nGAAP Net income (loss)\n$ (14)\n$ (18)\n$ (73)\n$ (119)\nNon-GAAP Net income (loss)\n$ 9\n$ 4\n$ 14\n$ 2\nNon-GAAP Adjusted EBITDA\n$ 28\n$ 23\n$ 48\n$ 35\nGAAP diluted earnings (loss) per share \n$ (0.08)\n$ (0.12)\n$ (0.43)\n$ (0.78)\nNon-GAAP diluted earnings (loss) per share\n$ 0.0...