Gaithersburg-based BroadSoft, Inc. (NASDAQ: BSFT), is one of the few companies today--trading higher by a great deal, after announcing its second quarter of 2011 results which blew past analyst estimates.
BroadSoft so far — in afternoon trading — was up over 22%, astonishing, considering the DOW Jones industrial average has cratered 350 points, the S&P 500 has tanked 52 points and the Nasdaq has tumbled 110 points. Broadsoft is currently the most popular company on Google Finance.
The technology firm that develops software for the delivery of voice (VOIP) and multimedia services over the internet reported total revenue of $31.18 Million, 63% higher than the same period last year when it was $19.8 Million. Licensing was the main source of growth with a 82% gain and $19.2 Million of total revenue.
Analyst estimates for revenue averaged $28.86 Million with a high of $29.93 Million.
"We continue to see demand across our product line grow globally, helping drive our record second quarter financial results," noted
Net income amounted to almost half of total revenue, BroadSoft made $15.8 Million or $0.57 cents per diluted common share in the second quarter ended June 30, 2011, a reversal from a net loss of $1.77 Million in 2010.
Analyst estimates for net income averaged $0.12 cents per share with a high of $0.15 cents and a low of $0.10 cents per share.
"We are again delighted to deliver another strong quarter, marked by an 82% increase in license revenue compared to the same period in 2010, driven primarily by robust demand from our North American service provider customers," remarked
Cash and cash equivalents more than tripled to $157.98 Million as of June 30, 2011, compared to $47.25 Million in 2010.
During the BroadSoft conference call, management noted no anticipated affects from the Verizon strike and the company would continue to add clients. BroadSoft has an agreement with Verizon as an equipment supplier.