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Why Avid's Stock Is Higher By Nearly 7%

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Shares of Avid Technology, Inc. (NASDAQ: AVID), a creator of audio and video content, surged higher by nearly 7 percent on Tuesday after the company announced its preliminary fourth quarter bookings exceeded expectations.

Avid expects its fourth quarter bookings to be $191 million -- 21 percent higher than the top end of its prior guidance. The company noted that its expected bookings represents an increase of 25 percent compared to the same quarter a year ago.

Avid also added that for the full year, estimated reported bookings of $536 million is also 7 percent higher than the top end of management's prior guidance.

"Our customers are becoming increasingly aware of how Avid EverywhereTM and the MediaCentralTM Platform can address their business challenges," said John Frederick, Executive Vice President, Chief Financial and Administrative Officer.

"While you shouldn't measure our progress on the transformation based on one quarter's bookings performance, we are naturally very encouraged by the progress."

 

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