Why Shares of Luxoft Holding Inc. Jumped Today

Why Shares of Luxoft Holding Inc. Jumped Today

Shares of IT service provider Luxoft Holding Inc. (NYSE: LXFT) rose sharply on Friday following the company's fiscal second-quarter report. Luxoft beat expectations for earnings and produced double-digit revenue growth, enough good news to send the stock about 15% higher by noon EST.

Luxoft produced second-quarter revenue of $228 million, up 16.1% year over year and in line with the average analyst estimate. Revenue from the automotive and transport industry soared 76% year over year, while revenue from the financial services industry, Luxoft's largest industry vertical, rose just 4.9%.

Image source: Luxoft Holding Inc.

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Source: Fool.com