Ribbon Communications (NASDAQ:RBBN) Announces Quarterly Earnings Results

Ribbon Communications (NASDAQ:RBBN) posted 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. Ribbon Communications had a positive return on equity of 4.32% and a negative net margin of 7.11%. The business had revenue of $192.62 million for the quarter, compared to analysts’ expectations of $203.05 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. Ribbon Communications updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Ribbon Communications Price Performance

NASDAQ:RBBN traded down $0.67 during midday trading on Thursday, reaching $3.22. 1,657,405 shares of the company traded hands, compared to its average volume of 402,127. Ribbon Communications has a twelve month low of $1.78 and a twelve month high of $3.95. The firm has a market capitalization of $559.99 million, a price-to-earnings ratio of -9.20 and a beta of 1.08. The company has a fifty day moving average price of $3.26 and a 200 day moving average price of $3.12.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. B. Riley lifted their target price on Ribbon Communications from $6.00 to $6.50 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 target price on shares of Ribbon Communications in a research report on Thursday. Finally, JMP Securities assumed coverage on Ribbon Communications in a research report on Monday, April 29th. They issued a “mkt outperform” rating and a $6.00 target price for the company.

About Ribbon Communications

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.