AUDC - Why AudioCodes Stock Triumphed on Tuesday
2024-02-06 18:51:55 ET
The stock of enterprise voice services company AudioCodes (NASDAQ: AUDC) had a banner trading session on Tuesday. Following the company's release of its latest quarterly earnings report, investors piled into its shares, sending their value up in excess of 14%. That made it quite the outperformer on a day when the S&P 500 index only inched up by 0.2%.
For its fourth quarter, AudioCodes booked $63.6 million in revenue, which was down 10% on a year-over-year basis but represented 3% growth over the third-quarter tally. Non-GAAP (generally accepted accounting principles) adjusted net income was $8.9 million, or $0.28 per share. Again, that represented a decline (of 25%) from the year-ago period, but an increase (7%) over the previous quarter.
On average, analysts tracking AudioCodes stock were modeling only $0.24 per share for adjusted net income, although they were expecting a bit more on the top line -- their collective projection was nearly $63.9 million.
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Why AudioCodes Stock Triumphed on Tuesday