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Why Avid Technology Stock Is Soaring Today

TheMotleyFool

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Why Avid Technology Stock Is Soaring TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/32e7a10f-efd0-424a-861f-2f3e0bb7ce02.png

Shares of Avid Technology (NASDAQ: AVID) soared on Thursday, peaking at a gain of 26.3% just before noon EDT. The maker of professional audio and video production software reported mixed first-quarter results with a side of optimistic guidance for the second quarter.

Avid's first-quarter sales rose 3% year over year to $116.3 million. Adjusted earnings doubled, landing at $0.28 per diluted share. Your average Wall Street analyst had been looking for earnings near $0.30 per share on revenue in the neighborhood of $112 million.

Looking ahead to the next quarter, Avid expects earnings of roughly $0.23 per share and sales near $91.5 million. Here, the current analyst consensus estimates pointed to $0.20 per share and $88 million, respectively.

Source Fool.com

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