Why Avid Technology Stock Is Surging Today
Shares of Avid Technology (NASDAQ: AVID) rose on Thursday after the technology provider to the media and entertainment industry reported its third-quarter results. While revenue was down a bit from the same period last year, sales improved from the second quarter and were ahead of analyst expectations. The stock was up about 11% at 11:25 a.m. EDT.
Avid reported third-quarter revenue of $90.4 million, down 3.2% year over year but about $6.8 million higher than the average analyst estimate. Revenue was up about 14% from the second quarter.
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Source Fool.com
