Brief: Avid Technology Revises Q1 Guidance And Withdraws Full-Year 2020 Guidance Given Impact Of Covid-19

Avid Technology

08/04/2020 01:30

April 7 (Reuters) - Avid Technology Inc  AVID.O :
    * REVISES Q1 GUIDANCE AND WITHDRAWS FULL-YEAR 2020 GUIDANCE
GIVEN
IMPACT OF COVID-19 ON BUSINESS ENVIRONMENT
    * AVID TECHNOLOGY  - EXPECTS TO REPORT RECORD GROWTH IN NEW
PAID
SUBSCRIPTIONS IN Q1, RESULTING IN IMPROVING SUBSCRIPTION AND
MAINTENANCE REVENUE
    * COMPANY NOW EXPECTS ITS SUBSCRIPTION AND MAINTENANCE
REVENUE
WILL BE BETWEEN $44.5 MILLION AND $46.0 MILLION
    * FOR Q1 2020, TOTAL REVENUE WILL BE APPROXIMATELY 13% - 15%
BELOW
MID-POINT OF PRIOR GUIDANCE
    * AVID TECHNOLOGY  - IN Q1, CO DID NOT EXPERIENCE ANY
MATERIAL
PRODUCTION ISSUES RELATED TO ITS SUPPLY CHAIN

Source text for Eikon:  ID:nGNX66rP1F 
Further company coverage:  AVID.O 

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