Why Shares of Allot Rocketed Higher Today
Shares of Allot (NASDAQ: ALLT) surged on Tuesday after the network intelligence and security solutions provider issued its fourth-quarter report. Allot beat analyst estimates across the board, producing double-digit revenue growth and a smaller-than-expected net loss. The stock was up about 30.4% at 1:05 p.m. EST today.
Fourth-quarter revenue was $30.6 million, up 14% year over year and $2.5 million higher than the average analyst estimate. The company's backlog at the end of 2019 was $138 million, up from $69 million at the end of 2018. During the year, Allot signed recurring security revenue agreements worth $85 million on the basis of maximum annual revenue potential.
Image source: Getty Images.
Source Fool.com
