Shares of Avid Technology (NASDAQ: AVID) soared on Thursday, peaking at a gain of 26.3% just before noon EDT. The maker of professional audio and video production software reported mixed first-quarter results with a side of optimistic guidance for the second quarter.
Avid's first-quarter sales rose 3% year over year to $116.3 million. Adjusted earnings doubled, landing at $0.28 per diluted share. Your average Wall Street analyst had been looking for earnings near $0.30 per share on revenue in the neighborhood of $112 million.
Looking ahead to the next quarter, Avid expects earnings of roughly $0.23 per share and sales near $91.5 million. Here, the current analyst consensus estimates pointed to $0.20 per share and $88 million, respectively.
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Why Avid Technology Stock Is Soaring Today