Why Mitek Systems Stock Popped Today
Shares of Mitek Systems (NASDAQ: MITK) were up 14.2% as of 3:20 p.m. ET Wednesday after the digital-identity leader and fraud-prevention specialist announced strong (and previously delayed) fiscal first-quarter 2023 results for the period ended Dec. 31, 2022. Mitek also raised its full-year outlook.
On the former, Mitek's fiscal Q1 revenue climbed 41% year over year to $45.7 million, while adjusted net income was $14.3 million, or $0.31 per share. Most analysts were looking for earnings of only $0.21 per share on revenue of $37.4 million.
For perspective, Mitek previously delayed the filing of these results not as a result of misconduct but rather due a change in the company's auditors after its previous indepdendent registered public accounting firm resigned in May 2022.
Source Fool.com
