RALEIGH, N.C. (AP) _ Bandwidth Inc. (BAND) on Wednesday reported second-quarter profit of $3.5 million.
The Raleigh, North Carolina-based company said it had profit of 14 cents per share. Losses, adjusted for one-time gains and costs, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.
The enterprise software developer posted revenue of $56.8 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $55 million.
For the current quarter ending in October, Bandwidth expects its results to range from a loss of 16 cents per share to a loss of 14 cents per share.
The company said it expects revenue in the range of $58.4 million to $58.9 million for the fiscal third quarter.
Bandwidth expects full-year results to range from a loss of 48 cents per share to a loss of 43 cents per share, with revenue ranging from $234.8 million to $235.8 million.
Bandwidth shares have risen 83% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $74.50, more than doubling in the last 12 months.