Why Cerence Stock Is Soaring Today
Shares of Cerence (NASDAQ: CRNC) are soaring today, up by 10% as of 12:25 p.m. EST, after the company reported fiscal fourth-quarter earnings. The results easily topped expectations and Cerence also issued strong guidance for next quarter.
Revenue in the fiscal fourth quarter came in at $90.9 million, ahead of the $79.6 million in sales that Wall Street was looking for. That translated into adjusted net income of $25.7 million, or $0.61 per share, while analysts were modeling for just $0.35 per share in adjusted profits. The automotive technology company said its backlog had increased to over $1.8 billion thanks to record bookings in the fiscal year. Adjusted EBITDA was $40.3 million.
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Source Fool.com
