ALRM - Alarm.com shares ring after guidance raise on sustained demand

2023-08-10 14:41:31 ET

Shares of Alarm.com ( NASDAQ: ALRM ) jumped over 22% on Thursday after the home security provider raised its full-year guidance and reported upbeat second-quarter results, as the company saw sustained demand for its products.

The company now expects full-year revenue in the range of $872.3 million to $887.7 million, up from prior expectation of $855.9 million to $881.5 million. Analysts on average expect full-year revenue of $868.8 million.

“During the quarter, we released important new products and capabilities that give our service providers best-in-class solutions for the residential and commercial smart property markets," said chief executive Steve Trundle in a statement .

Second-quarter revenue jumped 5.2% to $223.9 million, beating analysts' expectations of $214.9 million.

Adjusted earnings per share of 49 cents for the quarter topped analysts' estimates of 36 cents.

The company now expects full-year adjusted earnings in the range of $92.2 million to $94.2 million, vs. prior range of f $84.6 million to $87.5 million.

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