Why Smart Global Stock Skyrocketed Today
Smart Global (NASDAQ: SGH) stock surged Wednesday. The company's share price ended the daily session up 26.3%, according to data from S&P Global Market Intelligence.
After the market closed on July 9, Smart Global published results for the third quarter of its current fiscal year -- a period that wrapped up on May 31. While the company's sales for the period fell slightly short of Wall Street's target, earnings came in significantly better than anticipated. Guidance also looked promising.
Smart's fiscal Q3 revenue fell roughly 12.7% year over year to approximately $300.6 million. While Wall Street had anticipated a double-digit sales decline, revenue fell short of the average analyst target by roughly $1 million. However, investors hardly seem concerned with the moderate revenue shortfall.
Source Fool.com
