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Avid (AVID) Improves User Experience With Pro Tools Update
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Avid Technology recently launched Pro Tools 2023.6, an update for its Pro Tools software that continues to enhance upon Pro Tools user experience.
It introduces track markers, expanded immersive mixing capabilities and improved interoperability with Media Composer when exporting Pro Tools sessions. The release also improves user experience with more intuitive MIDI tools and guided I/O setup and surround monitoring capabilities to the Pro Tools Carbon interface.
Pro Tools features new track widths, which expand the formats that can be mixed and monitored. It offers increased resolution for better spatial accuracy for modern gaming engines and enables more advanced 3D plugin processing.
The release has been made available to all Pro Tools customers on an active subscription or perpetual license with a current Software Update + Support Plan and Pro Tools Intro users.
Strong Product Portfolio to Drive AVID’s Subscription Revenues
AVID is riding on a strong product portfolio with Pro Tools, MediaCentral and Media Composer. These tools provide creators with state-of-the-art media creation workflows. With continuous innovations in its Pro Tools business, it expects to increase subscriber base.
In first-quarter 2023, its active paid software subscriptions increased 22% year over year to 526,700.
To extend and enhance its proven media creation workflows, Avid expanded its cloud workflows with enterprises like Adobe (ADBE - Free Report) , Microsoft (MSFT - Free Report) and Amazon’s (AMZN - Free Report) AWS.
Avid partnered with Adobe and Microsoft under the program named Works with AVID On Demand program. It integrates Avid Media Composer and Avid NEXIS cloud storage in an Avid-hosted Edit On Demand environment that has been fine-tuned specifically for high performance and collaborative post-production workflows.
It also partnered with Amazon to enable Amazon Studios’ use of Avid’s Media Composer editing tool, NEXIS storage and MediaCentral platform on Amazon Web Services.
These integrations have helped Avid create new technologies and expand subscriber base, driving top-line growth. In the first quarter of 2023, Avid reported subscription revenue growth of 21.2% year over year (at cc) to $39.4 million.
AVID’s Prospects Not so Bright
Avid’s shares have fallen 11.5% year to date, primarily due to the supply chain conditions impacting audio hardware production capacity and gross margins and a decline in integrated solutions gross margin.
Avid has underperformed the Zacks Computer and Technology sector, which increased 30.7% over the same time frame.
For the second quarter of 2023, Avid expects earnings in the range of 15-30 cents per share.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $103.22 million, indicating a 5.67% growth from the year-ago quarter’s reported figure.
The consensus mark for second-quarter 2023 earnings remained unchanged at 21 cents per share in the past 30 days, indicating an year-over-year fall of 19.23%.
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Avid (AVID) Improves User Experience With Pro Tools Update
Avid Technology recently launched Pro Tools 2023.6, an update for its Pro Tools software that continues to enhance upon Pro Tools user experience.
It introduces track markers, expanded immersive mixing capabilities and improved interoperability with Media Composer when exporting Pro Tools sessions. The release also improves user experience with more intuitive MIDI tools and guided I/O setup and surround monitoring capabilities to the Pro Tools Carbon interface.
Pro Tools features new track widths, which expand the formats that can be mixed and monitored. It offers increased resolution for better spatial accuracy for modern gaming engines and enables more advanced 3D plugin processing.
The release has been made available to all Pro Tools customers on an active subscription or perpetual license with a current Software Update + Support Plan and Pro Tools Intro users.
Avid Technology, Inc. Price and Consensus
Avid Technology, Inc. price-consensus-chart | Avid Technology, Inc. Quote
Strong Product Portfolio to Drive AVID’s Subscription Revenues
AVID is riding on a strong product portfolio with Pro Tools, MediaCentral and Media Composer. These tools provide creators with state-of-the-art media creation workflows. With continuous innovations in its Pro Tools business, it expects to increase subscriber base.
In first-quarter 2023, its active paid software subscriptions increased 22% year over year to 526,700.
To extend and enhance its proven media creation workflows, Avid expanded its cloud workflows with enterprises like Adobe (ADBE - Free Report) , Microsoft (MSFT - Free Report) and Amazon’s (AMZN - Free Report) AWS.
Avid partnered with Adobe and Microsoft under the program named Works with AVID On Demand program. It integrates Avid Media Composer and Avid NEXIS cloud storage in an Avid-hosted Edit On Demand environment that has been fine-tuned specifically for high performance and collaborative post-production workflows.
It also partnered with Amazon to enable Amazon Studios’ use of Avid’s Media Composer editing tool, NEXIS storage and MediaCentral platform on Amazon Web Services.
These integrations have helped Avid create new technologies and expand subscriber base, driving top-line growth. In the first quarter of 2023, Avid reported subscription revenue growth of 21.2% year over year (at cc) to $39.4 million.
AVID’s Prospects Not so Bright
Avid’s shares have fallen 11.5% year to date, primarily due to the supply chain conditions impacting audio hardware production capacity and gross margins and a decline in integrated solutions gross margin.
Avid has underperformed the Zacks Computer and Technology sector, which increased 30.7% over the same time frame.
However, this Zacks Rank #3 (Hold) company expects second-quarter 2023 revenues between $101 million and $111 million, reflecting a year over year growth of 8.5% at midpoint. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For the second quarter of 2023, Avid expects earnings in the range of 15-30 cents per share.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $103.22 million, indicating a 5.67% growth from the year-ago quarter’s reported figure.
The consensus mark for second-quarter 2023 earnings remained unchanged at 21 cents per share in the past 30 days, indicating an year-over-year fall of 19.23%.