November 14, 2022 I Finance

Avid Releases Third Quarter Earnings

Avid has announced its financial results for the third quarter of 2022, which ended on Sept. Avid’s total revenue was $103 million, an increase of 1.3% year-over-year. The recurring components of Avid’s revenue also remained strong during the third quarter, with subscription revenue increasing 49.2% year-over-year in the third quarter to $41.8 million and subscription and maintenance revenue growing 17.6% year-over-year to $69.1 million.

“We are pleased by the strong growth from our subscription software business, particularly enterprise subscription and re-acceleration of our creative tools, most notably Pro Tools,” said Jeff Rosica, Avid’s president and CEO. “Demand for our integrated solutions products remains strong, and while we continue to see some lingering constraints in the supply chain, we were able to resume production of certain audio hardware products late in the third quarter and we believe the remaining constraints are temporary. For the fourth quarter and full year, we believe we are well positioned to deliver earnings growth despite revenue headwinds from the impacts of foreign exchange and slower-than expected recovery from the current global supply chain situation.”

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