AVDX - Why AvidXchange Holdings Was a Monster Stock on Wednesday
2023-11-08 18:41:55 ET
The market was avid for shares of AvidXchange Holdings (NASDAQ: AVDX) on Wednesday. The accounts payable software and payments solutions developer published its latest set of quarterly results, and they were impressive. So much so that investors drove the stock's price more than 15% higher during the trading session. That was miles ahead of the slight (0.1%) increase of the S&P 500 index.
AvidXchange took the lid off those results before market open, setting the stock up for a nice rise during the day. The company booked total revenue of $98.7 million in its third quarter, for a year-over-year increase of almost 20%.
Another encouraging development was its flip into the black on the bottom line; non- GAAP (adjusted) net income came in at $5.8 million against third quarter 2022's $11.7 million loss. The trajectory was also encouraging when measuring by GAAP standards, as the company's net loss narrowed considerably to slightly more than $8 million ($0.04 per share) from the year-ago deficit of more than $25 million.
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Why AvidXchange Holdings Was a Monster Stock on Wednesday