March 02, 2023 I Finance
Avid Announces $25.3M Net Income for Q4 2022
Avid has announced its financial results for the fourth quarter and full year ending on December 31, 2022. As reported, Avid’s fourth quarter revenue was $116.1 million, a decrease of 2.5% year-over-year and net income was $25.3 million, an increase of 66%.
A company statement said that CEO Jeff Rosica is pleased with the results, commenting that “Avid continues to see strong growth in its software subscription business for both creative and enterprise customers.”
During Q4 of 2022, paid Cloud-enabled software subscriptions increased by approximately 23,100 during the quarter to approximately 506,000 as of December 31, 2022, an increase of 23.2% year-over-year. During 2022, subscription revenue was $151.3 million, an increase of 39.5% year-over-year, and subscription ARR was $141.3 million, an increase of 37.1% year-over-year.