Smith Micro Software Inc (NASDAQ:SMSI) surged Thursday after reporting fourth-quarter results that beat Wall Street expectations.
For the quarter, the Aliso Viejo, California, wireless software company posted net income excluding items of $0.03 per share on revenue of $7.4 million, which was up from $5.7 million a year earlier. The reported average forecast of analysts was for net income of $0.01 on revenue of $6.7 million.
Shares rallied 28% to $2.38 in Thursday’s mid-afternoon Nasdaq trading.
The company reported 2018 revenue of $26.3 million, compared with $23 million in 2017. Total cash and cash equivalents as of December 31 were $12.2 million.
“Our fiscal 2018 was a solid year for the company, achieving several significant milestones across all facets of the organization,” William W. Smith Jr., president and CEO, said in a statement. “We entered 2018 with a concentrated focus of returning the company to growth, profitability and positive cash flow.”
In the fourth quarter of 2017, Smith Micro reported a net loss of $0.05 per share.
–This story was updated to give the latest share prices–
Contact Dennis Fitzgerald at [email protected]