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What: Avid Technology
So what: Non-GAAP EPS of -$0.10 was nowhere near the consensus forecast of $0.09, and below the year-ago quarter's -$0.05. Revenue also fell to $161 million, from $162 million. GAAP EPS was -$0.31.
Now what: This was the second earnings miss in two quarters: first quarter non-GAAP EPS was -$0.02 against a consensus estimate of $0.09. The press release offered neither an explanation for the disappointing results nor a plan to improve financial performance. The company hasn't delivered a profitable year since 2005, and the current CEO has been in charge for more than three-and-a-half years. There was nothing in today's news that suggests current management can turn Avid Technologies around.
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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.