Ribbon Communications (NASDAQ:RBBN) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Ribbon Communications (NASDAQ:RBBN) announced its quarterly earnings data on Wednesday. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01), Zacks reports. The business had revenue of $192.62 million during the quarter, compared to analysts’ expectations of $203.05 million. Ribbon Communications had a positive return on equity of 4.32% and a negative net margin of 7.11%. During the same period in the prior year, the company posted $0.01 earnings per share. Ribbon Communications updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Ribbon Communications Stock Performance

Shares of NASDAQ RBBN traded down $0.67 during mid-day trading on Thursday, reaching $3.22. 1,657,405 shares of the company traded hands, compared to its average volume of 402,127. The stock has a market cap of $559.99 million, a PE ratio of -9.20 and a beta of 1.08. The company’s fifty day moving average is $3.26 and its two-hundred day moving average is $3.12. Ribbon Communications has a fifty-two week low of $1.78 and a fifty-two week high of $3.95.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RBBN shares. B. Riley increased their price objective on Ribbon Communications from $6.00 to $6.50 and gave the stock a “buy” rating in a research note on Thursday, April 25th. JMP Securities initiated coverage on Ribbon Communications in a research note on Monday, April 29th. They set a “mkt outperform” rating and a $6.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $5.00 price target on shares of Ribbon Communications in a research note on Thursday.

Ribbon Communications Company Profile

Ribbon Communications Inc provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud and Edge, and IP Optical Networks. The Cloud and Edge segment provides software and hardware products, solutions, and services for voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications, and unified communications and collaboration.