Shares of Ribbon Communications (NASDAQ:RBBN) have tanked today, down by 13% as of 10:50 a.m. EDT, after the company reported first-quarter earnings. The results were mostly in line with expectations, but guidance for the second quarter came in a little light.
Revenue in Q1 was $192.8 million, just shy of the $193.5 million in sales that analysts were expecting. That translated into adjusted earnings per share of $0.03, beating the consensus estimate of $0.02 per share in adjusted profits. The communications technology company noted that some of its revenue growth was attributable to its acquisition of ECI Telecom in March of last year.
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“We are off to a good start in 2021 with first quarter results in line with our expectations, and we are particularly pleased with our Adjusted EBITDA exceeding our guidance range and earnings per share at the high end of the range,” CEO Bruce McClelland said in a statement. “We look forward to building on this success as we continue to realize the benefits of our broader portfolio and robust customer relationships.”
Guidance for the second quarter calls for revenue in the range of $215 million to $225 million, the midpoint of which is below the $221.9 million in revenue that Wall Street is looking for. Ribbon expects adjusted earnings per share to be $0.09 to $0.11, while analysts are modeling for $0.11 per share. For full-year 2021, revenue is forecast at $925 million to $945 million.
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