Brightcove Shares Drop on 2nd-Half Media Churn Fears
Brightcove’s better-than expected Q2 revenue was tempered by disappointing Q3 guidance, Colliers analyst Steven Frankel wrote investors Thursday. Brightcove reported a 7% bump in revenue to $51.5 million Wednesday. It gave Q3 guidance of $50.5 million-$51.5 million, reflecting continued fears…
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of media churn in the second half, said Frankel. Potential for additional churn led the company to lower full-year mid-point revenue guidance by $2 million, he said. Consistent with expectations, the company lost “another” media customer in Q2, which Frankel said wasn’t a competitive loss, noting some of Brightcove’s larger media customers that run on its cloud product “are pivoting to in-house,” do-it-yourself solutions. New and renewed customers in the quarter included Black News Channel and SoftBank. Shares fell 14% Thursday to close at $11.31.