Ribbon Communications (NASDAQ: RBBN) reported Q1 EPS of $0.05, $0.02 better than the analyst estimate of $0.03. Revenue for the quarter came in at $122 million versus the consensus estimate of $129.41 million.

"We continued to make solid progress on delivering our core solutions for our session software products while expanding market share. We also had a number of accomplishments during the quarter involving some of the world's largest telecom service providers that validate the traction we are making with our cloud solutions," said Fritz Hobbs, President and Chief Executive Officer of Ribbon Communications. "We are pleased that our balance sheet and cash flow will enable us to return value to stockholders through a stock repurchase program, while at the same time continue to invest in internal and external opportunities that we believe will further drive long-term growth."

First Quarter 2019 Financial Highlights1

• GAAP total revenue was $119 million, compared with $121 million in the first quarter of 2018.
• Non-GAAP total revenue was $122 million, compared with $135 million in the first quarter of 2018.
• GAAP net loss was $31 million, compared with a net loss of $45 million in the first quarter of 2018.
• Non-GAAP net loss was $6 million, compared with a net loss of $4 million in the first quarter of 2018.
• GAAP loss per share was $0.29, compared with a loss per share of $0.44 in the first quarter of 2018.
• Non-GAAP loss per share was $0.05, compared with a loss per share of $0.04 in the first quarter of 2018.
• Non-GAAP Adjusted EBITDA was break-even, compared with $1 million in the first quarter of 2018.
• Cash and investments were $46 million at the end of the first quarter of 2019, compared with $51 million at the end of the fourth quarter of 2018.

"First quarter 2019 results were in line with our expectations that took into account seasonality and relatively soft service provider market conditions," said Daryl Raiford, Chief Financial Officer of Ribbon Communications. "Looking forward, we believe we are well positioned with a strong software product line-up and a solid distribution system around the world, and we remain focused on managing the business to improve efficiencies and increase cash flow. Our amended and restated senior secured credit facility increases our borrowing capacity, lowers our borrowing costs and extends the term through April 2024."

Business Outlook

Ribbon expects non-GAAP Adjusted EBITDA of approximately $100 million for full year 2019.2

For earnings history and earnings-related data on Ribbon Communications (RBBN) click here.