Why Unisys Stock Rocketed Nearly 26% Higher Today
In the stock market, there are earnings beats and earnings beats. The first-quarter results published by veteran tech company (NYSE: UIS) fit squarely into the second category.
Unisys unveiled its first-quarter earnings report after market hours on Tuesday, and it positively crushed estimates. In response, investors eagerly dove into the stock on Wednesday, sending its price almost 26% skyward. That was in sharp contrast to the S 500 index, which dipped by 0.7% for the day.
Revenue grew almost 16% on a year-over-year basis to $516.4 million. Management attributed this rise to license renewals in its enterprise computing solutions segment. The top line was well higher than the $483.7 million collectively expected by analysts tracking the stock.
Source Fool.com
