Ribbon Communications (NASDAQ:RBBN) Announces Earnings Results

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 analysts’ consensus estimates of $0.04 by ($0.01), Zacks reports. Ribbon Communications had a positive return on equity of 4.32% and a negative net margin of 7.11%. The firm had revenue of $192.62 million for the quarter, compared to analyst estimates of $203.05 million. During the same quarter in the previous year, the company earned $0.01 earnings per share. Ribbon Communications updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Ribbon Communications Trading Down 17.2 %

NASDAQ:RBBN traded down $0.67 during mid-day trading on Thursday, hitting $3.22. 1,657,405 shares of the company’s stock were exchanged, compared to its average volume of 402,127. The company has a 50 day simple moving average of $3.26 and a 200-day simple moving average of $3.12. Ribbon Communications has a fifty-two week low of $1.78 and a fifty-two week high of $3.95. The firm has a market capitalization of $559.99 million, a P/E ratio of -9.20 and a beta of 1.08.

Analyst Ratings Changes

A number of research firms have recently weighed in on RBBN. JMP Securities began coverage on shares of Ribbon Communications in a research note on Monday, April 29th. They issued a “mkt outperform” rating and a $6.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and issued a $5.00 price target on shares of Ribbon Communications in a research note on Thursday. Finally, B. Riley raised their price target on shares of Ribbon Communications from $6.00 to $6.50 and gave the company a “buy” rating in a research note on Thursday, April 25th.

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.