Amdocs's revenue grew 2.8% in the first Q, reaching a record $ 1.048 billion

Amdocs's revenue grew 2.8% in the first quarter of 2020 compared to the same quarter in 2019, reaching a record $ 1.048 billion. Revenues were slightly lower than the center of the company's $ 1.035-1.075 billion revenue forecast range, partly as a result of a more significant dollar strengthening compared to the company's $ 8 million in revenue in the first quarter of 2020.
Scheffer noted that the first quarter of 2020 was the best in its history in North America and during which she signed a significant contract with a new major client. Amdocs's revenue did grow by 4.4% in the first quarter of 2020 compared to the same quarter in 2019, totaling $ 691 million. However, revenues in Europe fell by 4.1% in the past quarter compared to the corresponding in 2019 and totaled $ 148 million, and revenues in the rest of the world fell by 7.5% in the first quarter of 2020 compared to its corresponding in 2019 and totaled $ 208 million. Amdocs's communications network revenue grew by 8% in the first quarter of 2020 compared to its corresponding quarter in 2019, totaling $ 604 million.
Amdocs' media division signed new contracts outside the US this past quarter including a pan-European agreement with Liberty to allow Liberty's cloud-based access to content and communications services. Amdocs's non-GAAP operating profit grew 1.6% in the first quarter of 2020 Compared to it in 2019 and totaled $ 181 million, which is 17.2% of turnover compared to 17.4% of the corresponding turnover in 2019. Amdocs's current operations generated $ 103 million in cash flow in the first quarter of 2020, compared to a cash flow surplus of 169 $ 1 million in the same quarter in 2019. Wa for the end of 2019, totaling $ 346 billion.
The company decided to pay a dividend of 32.75 cents per share to its shareholders on June 30, 2020 and repurchased shares for $ 120 million in the first quarter of 2020. Amdocs has downgraded its revenue and earnings forecast for fiscal year 2020 (Amdocs fiscal year begins in October) Ending in September 2020. The company now expects negative growth of 0.5% to 2.5% growth - compared with a previous forecast of growth of 5.5% -2.5%. The forecast includes a 1% increase in revenue attributable to the acquisition of TTS Wireless, which is offset by a 1% negative impact from currency exchange rate changes compared to a negligible impact in the previous forecast.
The company expects its non-GAAP net income to grow 4% to 0% in fiscal 2020, while in its previous forecast, earnings per share grew 7% to 3%. The change in the outlook is due to the uncertainty about the business environment created by the Corona crisis and the merger of T-Mobile with Sprint. Amdocs noted that some deals were not closed as scheduled in March 2020 and that the slower pace of turning business opportunities into signed contracts affected the entire outlook. At the same time, some of the transactions that were not signed in March 2020 were signed in the current quarter.