ENFN - Why Enfusion Stock Surged Today
2023-03-07 12:55:05 ET
Shares of financial-services software company Enfusion (NYSE: ENFN) surged on Tuesday after the company released financial results for the fourth quarter of 2022. As of noon ET, Enfusion stock was up almost 10%.
During Q4, Enfusion generated revenue of $40.5 million, which was up more than 27% from the same quarter of 2021. This was right at the high end of management's guidance. The company only added nine net new clients during Q4, bringing its total to 819. But management was nevertheless encouraged by its progress.
On the bottom line, Enfusion surpassed management's guidance for adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ). Management guided for adjusted EBITDA of $6 million at most but delivered adjusted EBITDA of $6.8 million. Moreover, the company was profitable on a nonadjusted basis as well, with net income of $0.8 million.
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Why Enfusion Stock Surged Today