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

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

Ribbon Communications Trading Up 0.6 %

Shares of NASDAQ:RBBN traded up $0.02 during trading on Friday, hitting $3.24. 290,092 shares of the stock were exchanged, compared to its average volume of 401,354. The company has a market cap of $563.47 million, a PE ratio of -9.71 and a beta of 1.08. The company has a fifty day moving average price of $3.26 and a two-hundred day moving average price of $3.12. Ribbon Communications has a 12-month low of $1.78 and a 12-month high of $3.95.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. B. Riley increased their price objective on Ribbon Communications from $6.00 to $6.50 and gave the company a “buy” rating in a report on Thursday, April 25th. 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 price objective for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $5.00 target price on shares of Ribbon Communications in a research report on Thursday.

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.