The loss is being blamed on the cost of restructuring under a new management team.
Revenues for the quarter ending March 31 were $198.3 million compared with $218.9 million for the same period in 2007.
The net loss for the quarter was $21.1 million, or $0.54 per share, versus $20,000 ($0.00 per diluted share) in the first quarter of 2007.
On 25 April Avid's share price was down $3.46 to $21.19 per share.
Despite the surface doom and gloom, the figures were expected.
“Our first-quarter results were in line with our expectations, and we expect to see improvement in our bottom line as the year progresses,” said Gary Greenfield, Avid chairman and chief executive.
“We are continuing to make progress on a number of initiatives designed to provide the basis for improved profitability and growth. In addition, the development of Avid's long-term strategy is proceeding well.”