AudioCodes Announces Preliminary Range of Financial Results for First Quarter 2023

AudioCodes (NASDAQ: AUDC) announced that its first-quarter revenues for 2023 are projected to be lower than previous estimates, expected to range between $58.5 million and $60 million, representing a 10% to 12% decline compared to Q1 2022.

Rhea-AI Summary

AudioCodes (NASDAQ: AUDC) announced that its first-quarter revenues for 2023 are projected to be lower than previous estimates, expected to range between $58.5 million and $60 million, representing a 10% to 12% decline compared to Q1 2022.

Non-GAAP diluted net income per share is anticipated to be between $0.07 and $0.09, with net cash from operating activities estimated at $2 million to $3 million. The CEO, Shabtai Adlersberg, noted that financial results were affected by global economic uncertainty and reduced demand, particularly in the EMEA region, and indicated plans to revise 2023 guidance during the upcoming financial results call on May 9, 2023.

Positive

• None.

Negative

• Q1 2023 revenues expected to decline 10% to 12% from Q1 2022.
• Lower revenue guidance compared to previous internal estimates.
• Non-GAAP diluted net income per share forecasted at only $0.07 to $0.09.
• Reduced demand in the EMEA region and tighter inventory management in North America.

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In the trading session that priced this news, AUDC declined 21.29%, reflecting a significant negative market reaction.

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LOD, Israel , April 10, 2023 /PRNewswire/ -- AudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced that revenues for the first quarter of 2023 are anticipated to be lower than previously estimated internally when the company provided guidance for the full year in February 2023. Based on initial analysis, we now believe financial results to be as follows:

• Revenues in the first quarter are now expected to be in the range of $58.5 million to $60 million, approximately 10% to 12% lower than the first quarter of 2022.
• Non-GAAP diluted net income per share for the first quarter of 2023 is expected to be in the range of $0.07 to $0.09.
• Net cash provided by operating activities for the first quarter 2023 is expected to be in the range of $2 million to $3 million.

Mr. Shabtai Adlersberg, President and CEO of AudioCodes, said: "Our first quarter results were impacted by general uncertainty in key global economies affecting customers' spending decisions, with demand weakness concentrated mainly in the EMEA region. In addition, we saw North America service providers more tightly manage their inventories, which contributed to revenue decline. We intend to revise our outlook and guidance for 2023 at the time of our first quarter 2023 financial results conference call scheduled for May 9, 2023 as well as announce our plans to align our operating expenses for the year to our current business environment."

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About AudioCodes

AudioCodes Ltd. (NASDAQ, TASE : AUDC) is a leading vendor of advanced communications software, products and productivity solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.

For more information on AudioCodes, visit http://www.audiocodes.com.

Statements concerning AudioCodes' business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements'' as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company's loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes' business; and other factors detailed in AudioCodes' filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.

©2023 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice, AudioCodes Meeting Insights and AudioCodes Room Experience are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.

Company Contact
Niran Baruch VP Finance & Chief Financial Officer AudioCodes Tel: +972-3-976-4000 niran.baruch@audiocodes.com		Roger L. Chuchen VP, Investor Relations AudioCodes Tel: 732-652-1091 Mobile: 347-752-0780 roger.chuchen@audiocodes.com

 

 

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SOURCE AudioCodes

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AudioCodes' Q1 2023 revenue projections?

AudioCodes anticipates Q1 2023 revenues between $58.5 million and $60 million.

How does AudioCodes' Q1 2023 revenue compare to Q1 2022?

The revenue is expected to be approximately 10% to 12% lower than Q1 2022.

What is the expected EPS for AudioCodes in Q1 2023?

Non-GAAP diluted EPS for Q1 2023 is projected to be between $0.07 and $0.09.

When will AudioCodes update its financial outlook?

AudioCodes plans to revise its 2023 outlook during the Q1 financial results conference call on May 9, 2023.