MFGP - Why Micro Focus International Stock Surged Today
Shares of enterprise-software company Micro Focus International (NYSE: MFGP) surged higher on Wednesday after the company released preliminary full-year results for fiscal 2020. Financial results were down compared to last year, but perhaps investors are encouraged that the company still believes it's on track to achieve its three-year goals. As of noon EST, the stock was up 30%.
When official fiscal 2020 results come out, Micro Focus expects to report revenue of $3 billion. Adjusting for fluctuations in currency, that represents a 10% year-over-year decline. The first half of the year was hardest hit, with revenue down 11% from the prior-year period. But the second half of fiscal 2020 wasn't much better with a 9% decline.
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Why Micro Focus International Stock Surged Today