In its first quarterly earnings report since going public in February, online video services provider Brightcove reported revenue of $19.9 million on a net loss of $4.3 million, down from $5.8 million the previous quarter. Compared with the first quarter of 2011, revenue increased 53%, while Brightcove’s customer base increased 49% to 4,254 total customers.
"We are pleased to announce strong financial results, highlighted by 53% revenue growth year-over-year, in our first quarter as a public company," said Jeremy Allaire, Brightcove Chairman and CEO. "Brightcove continues to expand its market share leadership position, and we believe the company is well positioned at the center of multiple powerful growth trends -- video, mobile, cloud and social."
Perhaps the only black mark on the first quarter earnings report was that non-GAAP (which stands for generally accepted accounting principles) loss per share was $0.17, while analysts expected a loss of $0.16 per share.
Brightcove said it raised $54.6 million in its initial public offering on Feb. 17 and is now sitting on $60.6 million in cash and equivalents, up from $17.2 million at the end of last year.
The company expects similar revenue of $19.5 to $19.9 million for the second quarter, and revenue of $81 to $82.5 million for the full year.
Brightcove is a cloud-based video hosting and publishing services provider that enables video content to be delivered smoothly across screens. It also helps content providers stream video to the Web using HTML5 rather than Adobe Flash.
More recently, Brightcove entered the mobile app development business by helping publishers create apps for Android and iPhone.