ADT Inc. [ADT] reports annual net loss of $463.0 million
Company Reports Revenue of $5.0 billion
ADT Inc.[ADT] has reported a net loss of $463.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $5.0 billion
Based in BOCA RATON, Florida, ADT Inc. operates in the SERVICES sector.
In the annual report for the fiscal year ending December 31, 2023, compared to the previous year ending December 31, 2022, the following financial performance highlights were observed:
- Revenue for the current reporting period stood at $4.98 billion, showing a slight decrease from the previous period's revenue of $5.17 billion.
- The total cost of revenue for the current year amounted to $1.01 billion, a decrease from $1.20 billion reported in the prior year.
- Operating income for the current year was $510.29 million, an increase from $470.98 million recorded in the previous period.
- Net income for the current year significantly increased to $463.01 million compared to $132.66 million in the previous period.
- Earnings per share for basic and diluted amounts for the current year were $0.51, an improvement from the prior year's earnings of $0.15 per share.
In specific business segments:
- Monitoring and related services revenue increased from $4.05 billion in the previous period to $4.18 billion in the current year.
- Security installation, product, and other revenue increased from $328.86 million in the previous year to $473.83 million in the current year.
- Solar installation, product, and other revenue experienced a decrease from $786.43 million in the previous year to $329.83 million in the current year.
In conclusion, while the overall revenue showed a slight decline, the company managed to increase its operating income and achieve a significant rise in net income, reflecting a positive financial performance for the fiscal year ending December 31, 2023.
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