Why Zagg Stock Soared Today
Shares of Zagg (NASDAQ: ZAGG) have soared today, up by 17% as of 2:40 p.m. EST, after the mobile accessory maker reported third-quarter earnings. Recent acquisitions are starting to contribute more to the business.
Revenue in the third quarter increased 4% to $146.5 million, which resulted in net income of $8.7 million, or $0.30 per share. That was slightly below the $0.31 per share in profits that analysts were expecting. However, investors were encouraged that recent acquisitions -- HALO, BRAVEN, and Gear4 -- are starting to pay off, as those deals had been weighing on Zagg's financials in the first half of the year.
Image source: Zagg.
Source Fool.com
