Brightcove Inc. (NASDAQ: BCOV) stock gained by 2.81% at last close whereas the BCOV stock-price declines by 12.23% in the pre-market trading session. Brightcove’s leading technology has been serving people discover and enjoy the tremendous potential of video since 2004, enabling organizations in more than 70 countries across the world to connect with consumers in bold and new ways.
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Financial Highlights of BCOV stock
Brightcove released their financial results for the second quarter of 2021, which concluded on June 30, 2021.
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- In Q2 2021, revenue was calculated as $51.5 million which is an increase of 7% from $47.9 million in the second quarter of 2020.
- In the second quarter of 2021, net profit was $34.2 million, with a gross margin of 67 percent, relative to $28.0 million and 58 percent in the second quarter of 2020.
- In Q2 2021, non-GAAP gross profit was $34.9 million, reflecting a non-GAAP gross margin of 68 percent, compared to $28.6 million and 60 percent in the second quarter of 2020.
- The income from operations has been calculated as $590 thousand for Q2 2021 whereas the value for the previous year’s second quarter were $1.2 million.
- For Q2 2021, total income was $870 thousand, or $0.02 per diluted share.
- In the second quarter of 2021, adjusted EBITDA was $5.6 million, relative to $4.2 million in the second quarter of 2020.
- In the second quarter of 2021, the cash flow produced by operations was $8.0 million, relative to $2.9 million in the second quarter of 2020.
- On June 30, 2021, cash and cash equivalents were $40.4 million, up from $37.5 million on December 31, 2020.
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Jeff Ray, Brightcove’s Chief Executive Officer commented,
As they extend their usage of video in new and creative ways to interact with their customers, their clients continue to look to Brightcove as a trusted partner. They achieved significant progress in each of their four strategic emphasis areas, which will improve customer engagement and success, expedite product innovation, and increase direct and indirect sales. These projects will need some extra time to accomplish in the near future. Long-term, they are sure that they will meet their financial aim of being a Rule of 40 firm.