Why Zebra Technologies Stock Shot Higher Today
Warehouse inventory-management specialist Zebra Technologies (NASDAQ: ZBRA) reported a strong quarter and suggested the momentum can build from here. Investors were excited, sending shares of Zebra up as much as 11% on Tuesday morning and up 6% as of 11 a.m. ET.
Zebra makes scanners, barcode technology, and other products that help automate tasks for front-line and warehouse workers. The company earned $3.18 per share in the quarter on revenue of $1.22 billion, topping Wall Street's forecast of $2.80 per share on sales of $1.18 billion.
Zebra raised its gross margin by 50 basis points to 48.4% despite flat sales year over year, thanks to its efforts to cut costs and exit lower-margin businesses. The company said it was on track for $120 million in annualized cost cuts.
Source Fool.com
