Brightcove (NASDAQ:BCOV) stock increased on the release Wednesday of financial numbers.
Revenue for the fourth quarter of 2020 was $53.7 million, an increase of 13% compared to $47.6 million for the fourth quarter of 2019. Subscription and support revenue was $50.7 million, an increase of 14% compared to $44.6 million for the fourth quarter of 2019.
Gross profit for the fourth quarter of 2020 was $34.2 million, representing a gross margin of 64% compared to a gross profit of $28.8 million for the fourth quarter of 2019. Non-GAAP gross profit for the fourth quarter of 2020 was $34.8 million, representing a non-GAAP gross margin of 65%, compared to a non-GAAP gross profit of $29.7 million for the fourth quarter of 2019.
Income from operations was $1.6 million for the fourth quarter of 2020, compared to a loss of $6.9 million for the fourth quarter of 2019. Non-GAAP operating income, which excludes stock-based compensation expense, restructuring, the amortization of acquired intangible assets and merger-related expense, was $5.4 million for the fourth quarter of 2020, compared to non-GAAP operating income of $2.2 million during the fourth quarter of 2019.
Net income was $2.0 million, or $0.05 per basic and diluted share, for the fourth quarter of 2020. This compares to a net loss of $6.7 million, or a loss of $0.17 per diluted share, for the fourth quarter of 2019.
“Brightcove’s fourth-quarter performance was a great finish to an excellent 2020, highlighted by our fastest organic revenue growth quarter in several years and the strongest free cash flow quarter in our history,” said CEO Jeff Ray.
BCOV shares climbed $3.11, or 15.3%, to $23.45.
