• by Gavin O'Malley  @mp_gavin, November 1, 2012

Continuing its strong showing as a public company, Brightcove on Thursday reported third-quarter revenue of $22.1 million -- up 32% year-over-year.
 
The online video platform-cum-cloud-service provider, which went public in February, said subscription and support revenue was $21.5 million -- an annual increase of 35%.
 
Revenue related to professional services and other areas was $0.6 million, which was actually down from $0.8 million during the third quarter of 2011.
 
Regarding the company’s ongoing transition to cloud computing, CEO Jeremy Allaire said Thursday: “We are in the very early stages of a fundamental shift in how digital content is being delivered and consumed … We view this as a significant market opportunity.”
 
Gross profit for the third quarter was $15.1 million, compared to $11.4 million for the third quarter of 2011.
 
Non-GAAP gross profit for the quarter was $15.3 million, representing a year-over-year increase of 34% and a non-GAAP gross margin of 69%.
 
As of Sept. 30, Brightcove had $30.8 million of cash, cash equivalents and investments -- a decrease from $58.6 million at the end of June.
 
Brightcove attributed the decrease to its acquisition of Zencoder -- a cloud-based video encoding service and the developer of the Video.js free HTML5 video player -- which set the company back by $27.2 million in cash.
 
During the quarter, Brightcove said it added 1,370 customers, the vast majority related to its Zencoder deal. New customers included All Nippon Air, Exact Target, Nikon and Yves St. Laurent.
 
Looking ahead, Brightcove said it expects revenue to be $22.8 million to $23.3 million, and non-GAAP operating loss to be $1.9 million to $2.2 million. For the full year, the company expects revenue to be $86.5 million to $87 million, and non-GAAP operating loss to be $7.5 million to $7.8 million.