Ribbon Communications (NASDAQ:RBBN) Releases Earnings Results, Misses Estimates By $0.01 EPS

Ribbon Communications (NASDAQ:RBBN) announced its quarterly earnings data on Wednesday. The communications equipment provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01), Zacks reports. Ribbon Communications had a negative net margin of 6.68% and a positive return on equity of 5.21%. The company had revenue of $192.62 million during the quarter, compared to the consensus estimate of $203.05 million. During the same quarter in the previous year, the business earned $0.01 EPS. Ribbon Communications updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Ribbon Communications Stock Performance

Shares of NASDAQ RBBN traded up $0.02 during trading hours on Friday, hitting $3.24. 290,092 shares of the stock were exchanged, compared to its average volume of 401,354. The company’s fifty day simple moving average is $3.26 and its two-hundred day simple moving average is $3.12. The company has a market cap of $563.47 million, a PE ratio of -9.71 and a beta of 1.08. Ribbon Communications has a 1-year low of $1.78 and a 1-year high of $3.95.

Analyst Upgrades and Downgrades

RBBN has been the subject of a number of recent analyst reports. B. Riley increased 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. Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of Ribbon Communications in a research report on Thursday. Finally, JMP Securities started coverage on Ribbon Communications in a research report on Monday, April 29th. They set a “mkt outperform” rating and a $6.00 price objective on the stock.

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.