AudioCodes (TASE: AUDC, NASDAQ: AUDC), a leading provider of sophisticated communications software, products, and productivity solutions for the digital workplace, announced financial results for the Q3, 2022.

According to report, revenue was $69.7 million, up 10% from $63.4 million in the corresponding period of last year.

Net income amounted to $5.4 million ($0.17 per diluted share), compared to $8.3 million ($0.24 per diluted share). This is 35% lower compared to the same period in 2021.

Net cash produced by operating activities totalled $2.1 million. As of September 30, 2022, cash and cash equivalents were $126.7 million, down from $174.8 million on December 31, 2021. The decrease in cash and cash equivalents was due to its use for the continued repurchase of the company’s ordinary shares under its share repurchase program, as well as the payment of a cash dividend during the first and third quarters of 2022.

“I am pleased to report solid financial results for the third quarter of 2022, growing revenues 10% year-over-year,” stated Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.

“We see good, continued momentum in both of the key markets that we serve: the UCaaS and the CX markets. Key driver of our growth came from UCaaS where Microsoft Teams related business grew nearly 20% year-over-year.  AudioCodes Live for Microsoft Teams managed services continued to grow and reached a level of $28 million ARR, nearly 100% growth over the year ago period, putting us well on track to achieve our 2022 target of over $30 million.

Omdia designated AudioCodes, once again, as the leader in enterprise SBCs in terms of market share this quarter. The company also experienced a surge in activity in the Service Provider (SP) sector, owing to the resurgence of carrier all-IP transformation and PSTN closure projects following the pandemic.

AudioCodes announced and paid a cash dividend of 18 cents per share in August, which is unusual for a high-tech company. The total amount paid $5.7 million.