Why AudioCodes Stock Blasted Higher on Tuesday

Investors were very pleased to hear from (NASDAQ: AUDC) on Tuesday. The company, which concentrates on voice services and solutions for enterprises, delivered quarterly results that showed encouraging sequential -- if not necessarily year-over-year -- improvements in key metrics. As a result, its share price closed the day almost 16% higher.

On the top line for its second quarter, AudioCodes earned $60 million in revenue. It didn't hesitate to mention that this was a more than 1% improvement over the first-quarter result. That wasn't the case on a year-over-year basis, though; in its second quarter of 2022, the company booked nearly $68.4 million.

As for profitability, the dynamic was the same. Non-GAAP (adjusted) net income of $5.1 million ($0.16 per share) nearly doubled when compared to the first quarter. Yet it was down from the year-ago quarter's $11.3 million profit.

Continue reading

Source Fool.com