2010 is shaping up to be a very good year for VoIP solutions developer AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC). It has raised its full-year guidance three times in the last three quarters.
"We are in a strong position, and industry trends are working in our favor" said AudioCodes chairman, president and CEO Shabtai Adlersberg.
AudioCodes' revenue rose 19.4% to $38.3 million for the third quarter from $32.1 million for the corresponding quarter of 2009. GAAP-based net profit rose to $2.9 million ($0.07 per share) for the third quarter from a net loss of $79,000 for the corresponding quarter.
Non-GAAP net profit rose to $3.6 million ($0.09 per share) for the third quarter from $1.6 million for the corresponding quarter.
AudioCodes raised its revenue guidance for 2010 to $148-150 million from its previous guidance of $142-147 million. The new guidance reflects a growth rate of about 18% over 2009, which was a difficult year. The company raised its non-GAAP earnings per share guidance to $0.31-0.32 (a net profit of $13 million) from $0.22-0.26. The company non-GAAP earnings per share was $0.09 in 2009.
AudioCodes' share price rose 12.5% in early trading on Nasdaq to $4.51, giving a market cap of over $200 million. The share price rose 5.7% on the TASE today, before the financial report was published, to NIS 15.87.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2010
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