TRMB - Why Trimble Stock Soared This Week
2024-02-16 07:44:36 ET
Shares in positioning and workflow technology company Trimble (NASDAQ: TRMB) rose by 14.5% in the week to Friday morning. The move comes after a well-received set of fourth-quarter earnings released on Monday.
Some of Trimble's end markets are currently challenging. For example, management referenced softness in agriculture, transportation, and residential construction on the recent earnings call.
As such, its product revenue declined by $13 million to $403 million year over year in the fourth quarter. However, this was more than offset by an $89 million increase in its subscription and services revenue to $530 million, and overall revenue increased by 9% reported and 3% on an organic basis.
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Why Trimble Stock Soared This Week