Benefitfocus: Q2 Earnings Snapshot

August 3, 2022 GMT

CHARLESTON, S.C. (AP) _ Benefitfocus Inc. (BNFT) on Wednesday reported a loss of $12.2 million in its second quarter.

On a per-share basis, the Charleston, South Carolina-based company said it had a loss of 40 cents. Losses, adjusted for stock option expense and non-recurring costs, came to 10 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 16 cents per share.

The human resources software provider posted revenue of $56.6 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $56.4 million.

For the current quarter ending in October, Benefitfocus expects its results to range from a loss of 18 cents per share to a loss of 12 cents per share.

The company said it expects revenue in the range of $55 million to $57 million for the fiscal third quarter.

Benefitfocus expects full-year revenue in the range of $252 million to $258 million.

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Benefitfocus shares have decreased 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8, a decrease of 38% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BNFT at https://www.zacks.com/ap/BNFT