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Oct 31, 2023
Ooma Q3 2024 Earnings Report
Ooma reported a strong Q3 2024 with revenue up 6% year-over-year and GAAP net income of $2.3 million.
Key Takeaways
Ooma's Q3 2024 showcased strong performance with a 6% increase in total revenue year-over-year, reaching $59.9 million. Subscription and services revenue drove growth, accounting for 93% of total revenue. GAAP net income was $2.3 million, a significant improvement from the net loss in the same quarter last year.
Total revenue increased to $59.9 million, representing a 6% year-over-year growth.
Subscription and services revenue grew to $55.9 million, accounting for 93% of total revenue.
GAAP net income was $2.3 million, or $0.09 per basic and diluted share, compared to a net loss of $2.8 million in Q3 2023.
Adjusted EBITDA was $5.0 million, compared to $4.5 million in the third quarter of fiscal 2023.
Revenue by Segment
Forward Guidance
Ooma expects total revenue in the range of $61.2 million to $61.8 million for the fourth quarter of fiscal year 2024. GAAP net loss is projected to be between $3.5 million and $3.8 million, with non-GAAP net income expected to be in the range of $3.1 million to $3.4 million.
Positive Outlook
- Total revenue is expected to be in the range of $61.2 million to $61.8 million.
- Non-GAAP net income is projected to be between $3.1 million and $3.4 million.
- Non-GAAP net income per share is expected to be in the range of $0.12 to $0.13.
- Total revenue for the full fiscal year 2024 is expected to be in the range of $236.3 million to $236.9 million.
- Non-GAAP net income for the full fiscal year 2024 is expected to be in the range of $14.9 million to $15.2 million.
Challenges Ahead
- GAAP net loss is expected to be in the range of $3.5 million to $3.8 million.
- GAAP net loss per share is expected to be in the range of $0.13 to $0.14.
- GAAP net loss for the full fiscal year 2024 is expected to be in the range of $1.2 million to $1.5 million.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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