Boston, MA 05/05/2014 (wallstreetpr) – The reason BroadSoft Inc (NASDAQ:BSFT) lost as much as 20% during the early trade is its poor first quarter numbers that missed meeting the market consensus, both earnings and revenue wise.
First Quarter Missed Analysts’ Expectations
The net loss for the first quarter widened to $7.5 million, or $0.26 per share as against net loss of $2.3 million, or $0.08 per share during the first quarter of the year 2013. On a non-GAAP basis, the net income of the company in the first quarter stood at $2.1 million, which is $0.07 per share, which compares to $5.1 million or $0.18 per share in the previous year’s quarter. The non-GAAP net income missed the analyst expectations by $0.03 per share. Though the company’s revenue increased by 11% to $43.9 million during the reported quarter, but it missed the Wall Street’s estimate by $0.92 million. BroadSoft Inc (NASDAQ:BSFT)’s revenue in the first quarter of 2013 was at $36.9 million.
Weaker Second Quarter Outlook; Full-Year Outlook In-Line
The more troubling element in today’s earnings call of the company was its weak outlook for the second quarter, however, it managed to project full year guidance in line with that of analysts. For the second quarter of 2014, BroadSoft Inc (NASDAQ:BSFT) expects its revenue to be in the range of $48 million to $52 million.
Moreover, the company projects earnings on a non-GAAP basis in between $0.17 to $0.31 per share. Both earnings and revenue estimates by the company trail analysts’ consensus of $0.33 earnings estimate on revenue of $50.39 million for the second quarter. At the same time, the company continues to project its revenue in the range of $206 million to $212 million for the full year 2014 and expects non-GAAP earnings to come in between $1.26 to $1.46 per share. The projection compares against the market consensus of $1.35 per share earnings on revenue of $208.75 million for the year.
Apart from the quarterly results, the company announced that it will host an analyst day that is to take place at the Hotel Monaco in on Thursday, June 5, 2014 in Washington. BroadSoft Inc (NASDAQ:BSFT)’s senior representatives will participate and make a number of presentations to the interested investors and analysts. Broadsoft is one of the premier software services provider that facilitate fixed-line, mobile and cable service providers to extend Unified Communications over the Internet Protocol networks.
