COMM - Why CommScope Stock Soared Today
Shares of CommScope (NASDAQ: COMM) have soared today, up by 20% as of 12:25 p.m. EDT, after the company reported second-quarter earnings. Both top- and bottom-line results beat analyst expectations.
Revenue in the second quarter came in at $2.1 billion, slightly ahead of the $2.06 billion in sales that Wall Street was expecting. That resulted in adjusted earnings per share of $0.32, compared to the consensus estimate of $0.19 per share in adjusted profits. The networking technology company recently refinanced $700 million of senior unsecured notes to give it greater financial flexibility during the COVID-19 pandemic.
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