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Brightcove issues 1st earnings report: revenue way up, losses down

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Performing the quarterly earnings report ritual for the first time since becoming a publicly traded company in February, video platform provider Brightcove on Thursday reported revenue growth of 53 percent to $19.9 million for Q1.

The Cambridge, Mass.-based company also reported shrinking losses of $4.3 million, down 26 percent from the first quarter of 2011.

Despite incurring losses of $17.8 million last year, Brightcove has largely inspired investor confidence, with the company’s initial public offering raising $55 million.

However, since peaking on March 20 at $24.80 a share, Brightcove stock has slipped, closing Thursday at $19.00 a share.