(RTTNews) – AudioCodes Ltd. (AUDC), a provider of advanced communications software, digital workplace productivity products and solutions, reported lower first-quarter earnings on Monday, largely due to higher operating expenses. Earnings missed Street’s estimates. Revenues, however, rose 12.8% and came in above consensus.
Net income for the period was $8.6 million, or $0.26 per share, compared to $10 million or $0.29 per share in the first quarter last year.
Excluding items, earnings were $11.2 million or $0.33 per share, compared to $12.7 million or $0.37 per share in the prior period, due to a higher equity compensation for R&D expenses and lower foreign exchange gains.
3 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share. Analysts generally exclude one-time items.
Operating profit decreased to $8.1 million from $10.1 million for the same period last year, primarily due to higher operating expenses.
However, revenue for the quarter increased to $66.4 million from $58.8 million in the prior period, driven by strong sales in the Unified Communications and Collaboration (UCC) business.
4 analysts polled by Thomson Reuters expected the company to report revenue of $66.29 million.
Shares of AudioCodes closed Friday’s trading at $23.53, down $0.46 or 1.92% from the previous close.
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