By Dean Seal
Shares of Qualys jumped after the company raised guidance and logged a better-than-expected third quarter for revenue and earnings.
The stock was up 18%, at $141, in midday Wednesday trading. Shares are still down 23% since the start of the year.
The IT provider said after the bell Tuesday that it now expects $602.9 million to $605.9 million in revenue this year, up from a prior forecast for $598.5 million to $601.5 million. Adjusted earnings are expected to hit $5.81 to $5.91 a share, up from a previous range of $5.46 to $5.62 a share.
Adjusted earnings in the third quarter were $1.56 a share, leading analyst projections by 22 cents a share, according to FactSet. Revenue rose 8%, to $153.9 million, topping estimates.
Qualys reported some stabilization in the spending environment with strength from its channel partners, which made up a bigger share of revenue year-over-year, Wedbush analysts said in a research note.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 06, 2024 12:59 ET (17:59 GMT)
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