Web video platform Brightcove reported a revenue of $19.9 million in its first quarter posting, and looks to be doing well after filing an IPO in February.
Brightcove, founded in 2004, has recently announced an update to their App Cloud development platform, and presently has 4,254 customers as of March 31st, a 49% increase over the last year. App Cloud helps companies develop apps while using its online interface, and then render them as iPhone and Android native apps.
Along with the almost $20 million in revenue, Brightcove posted a gross profit of $13.6 million, up from $8.7 million in Q1, 2011. The company posted losses of $4.4 million in Q1, 2011, and did better this year, at $3.2 million.
Brightcove CEO Jeremy Allaire states, “We are pleased to announce strong financial results, highlighted by 53% revenue growth year-over-year, in our first quarter as a public company," adding, "Brightcove continues to expand its market share leadership position, and we believe the company is well positioned at the center of multiple powerful growth trends - video, mobile, cloud and social. With the proceeds from our IPO, we have greater resources to execute our growth strategy and expand our market leadership position.”