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Cloud Stock News Bite - Bandwidth Fourth Quarter and Full Year 2023 Financial Results Exceeds Revenue and Profitability Guidance

Stock Gains 49% on News

 

February 28, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Cloud Stock News Bite - Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, announced financial results for the fourth quarter and full year ended December 31, 2023.

The stock had big moves on the news and is trading at $18.17, up $6.02 for a 49.51% gain.

"We are proud to conclude 2023 with outstanding results, reflecting our commitment to innovation in cloud communications and profitable growth. Thanks to the disciplined execution of the team in the fourth quarter we surpassed our guidance and set new records in profitability," said David Morken, Bandwidth's Chief Executive Officer. "As we enter our 25th year, Bandwidth remains at the forefront of the cloud communications revolution, driven by our unique global platform and software APIs, and commitment to customer success. We are confident in our medium-term plan and excited about our momentum as we start 2024."

"In 2023 we grew profitability 39 percent which contributed to our record second half 2023 free cash flow generation of $31 million," said Daryl Raiford, Bandwidth's Chief Financial Officer. "We are particularly pleased with our strong growth in commercial messaging and our enterprise business. For 2024 we are guiding double-digit revenue growth and an adjusted EBITDA midpoint of $72 million representing a 50 percent increase in profitability. We believe our 2023 results and 2024 outlook place us clearly on-track to achieve our 2026 medium-term targets, which we laid out at our Investor Day in February 2023."

Fourth Quarter Customer Highlights

A large infrastructure-as-a-service provider serving 27,000 business customers switched to Bandwidth, trusting us to be the sole provider for their mission-critical toll-free calling and other voice services.

A premier health and community care technology firm selected Bandwidth as its exclusive provider for HIPAA-compliant text messaging services and voice services across their massive network of care agencies, to enhance the delivery of their critical healthcare communications at scale.

A rapidly growing global active lifestyle brand selected Bandwidth to power their Genesys contact center, choosing our reliable and resilient toll-free calling solution and premium support to help scale their business, and resulting in significant operating efficiencies and cost savings.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/bandwidth-announces-fourth-quarter-full-120000028.html

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