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Why RigNet Stock Is Rallying Today

TheMotleyFool

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Shares of RigNet (NASDAQ: RNET) soared more than 14% by 2:45 p.m. EST on Friday. The energy industry-focused technology company was driven upward by better-than-expected third-quarter results.

RigNet's quarterly revenue ticked up 1.1% from the second quarter to $61 million, coming in slightly ahead of the analysts' consensus estimate. The company's net loss of $0.5 million, or $0.02 per share, meanwhile, was much better than expected, beating the consensus estimate by $0.07 per share.

Image source: Getty Images.

Source Fool.com

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