Why Guidewire Software Stock Was Soaring Today
As the trading week came to a close, investors were piling into Guidewire Software (NYSE: GWRE) stock. The developer of software solutions for the insurance industry released quarterly results after market hours Thursday, and the following day its shares were a big hit. As of midafternoon, they were up by nearly 12%. That was a far better performance than the almost 2% decline of the S 500 index at that time.
For its fourth quarter of fiscal 2024, ended July 31, Guidewire's revenue came in at $291.5 million, which was 5% higher on a year-over-year basis. More than half of that take derived from subscription and support revenue; this rose a meaty 29% to nearly $152 million. License and services revenue, on the other hand, both declined over that stretch of time. The former fell by 12% to just under $89 million, while the latter decreased by 2% to almost $51 million.
Speaking of declines, non-GAAP (adjusted) net income eroded some from the year-ago quarter. It landed at $54 million, or $0.62 per share, versus the second quarter of fiscal 2023's nearly $63 million.
Source Fool.com
Guidewire Software Inc. Stock
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