What happened
Shares of Brightcove (BCOV +0.00%) jumped today after the company reported better-than-expected sales and earnings for its fourth quarter of 2020.
The tech stock had gained 17.8% as of 3:28 p.m. EST.
So what
Brightcove reported adjusted diluted earnings per share of $0.14 for the quarter, easily surpassing Wall Street's expectation of $0.06. The company's fourth-quarter revenue of $53.7 million outpaced analysts' consensus estimate of $49.8 million.
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"Brightcove's fourth-quarter performance was a great finish to an excellent 2020, highlighted by our fastest organic revenue growth quarter in several years and the strongest free cash flow quarter in our history," CEO Jeff Ray said in a press release.
Some of the highlights from the quarter include Brightcove reaching average annual subscription revenue of $97,200 per premium customer, up from $83,400 in the year-ago quarter, and 3,330 total customers (2,279 of which are premium).
Now what
In addition to sales and earnings beating Wall Street's expectations, Brightcove investors were also happy with the company's first-quarter and full-year 2021 outlook. Management estimates that first-quarter adjusted diluted earnings will reach $0.10 at the midpoint of guidance, and full-year adjusted diluted earnings will be $0.50 per share at the midpoint. With today's share price pop, Brightcove's stock is up 175% over the past 12 months.
