eGain shares soar after swinging to a profit in fiscal 2Q thanks to software sales
Shares of eGain Corp (NASDAQ:EGAN) soared Friday after the cloud application company swung to profit in its fiscal second quarter and whizzed past analysts’ estimates.
In its latest quarter ended December 31, the Sunnyvale, California-based company reported net income of $2 million, or $0.07 per share, on revenue of $17.7 million. The results trounced the estimates of Wall Street’s analysts who had called for the company to break-even on sales of $16.28 billion.
READ: Cloud software company Pareteum sees revenue double in 3Q, raises full-year outlook
Investors applauded the news, sending eGain shares up 21% to $9.00 before the opening bell on Thursday.
The quarterly showing also compares well to the year-ago quarter when eGain reported a loss of $788,000 on sales of $15.4 million.
Revenue from SaaS (software as a service) was a bright spot, climbing 53% year-over-year to $15.8 million.
Subscription revenue, which includes SaaS and legacy support sales, rose 25% year-over-year to $15.8 million, accounting for 89% of total sales.
eGain specializes in providing cloud applications for social media as well as for mobile phones and the web.
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/214280/egain-shares-soar-after-swinging-to-a-profit-in-fiscal-2q-thanks-to-software-sales-214280.html
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