Video platform Brightcove just released its first earnings report after going public in March. Brightcove posted a net loss of $4.3 million – that’s down from $5.8 million last quarter. The company’s revenue for the first financial quarter of 2012 was $19.9 million, an increase of 53% compared to the first quarter of 2011 when the company made $13.1 million. Non-GAAP net loss per share was $0.17. Analysts expected a loss of $0.16 per share.
Brightcove’s gross profit for the first quarter was $13.6 million (up 56% from $8.7 million in Q1 2011). Non-GAAP loss from operations was $2.3 million for the first quarter of 2012, an improvement compared to a non-GAAP loss of $3.4 million during the first quarter of 2011. Brightcove also announced that it had 4,254 customers at the end of the quarter. That’s up 49% compared to Q1 2011.
“We are pleased to announce strong financial results, highlighted by 53% revenue growth year-over-year, in our first quarter as a public company,” said Jeremy Allaire, Chairman and Chief Executive Officer of Brightcove. “Brightcove continues to expand its market share leadership position, and we believe the company is well positioned at the center of multiple powerful growth trends – video, mobile, cloud and social.”
Brightcove raised $54.6 million through its IPO earlier this year. Thanks to this, the company currently has $60.6 million in cash and cash equivalents – up from $17.2 million at the end of 2011.
For the next quarter, Brightcove expects revenue to be $19.5 to 19.9 million and a non-GAAP operating loss between $3.5 and $3.8 million. For the full year, Brightcove currently expects revenue to be $81 to $82.5 million and a non-GAAP operating loss around $10 million to $11 million.
A few more highlights from the earnings report:
Brightcove Inc. (NASDAQ: BCOV), a leading global provider of cloud content services, offers a family of products used to publish and distribute the world’s professional digital media. The company’s products include Video Cloud, the market-leading online video platform, App Cloud, a pioneering content app platform, and Zencoder, a leading cloud-based media processing service and HTML5 video player technology provider. Brightcove has more than 6,100 customers in over 60 countries that rely on Brightcove cloud content services to build and...