Why Carbonite Stock Skyrocketed Today

Shares of cloud storage and backup provider Carbonite (NASDAQ: CARB) have skyrocketed today, up by 25% as of 11:30 a.m. EST, after the company reported third-quarter earnings and announced that it is being acquired by OpenText (NASDAQ: OTEX).

Adjusted revenue in the third quarter came in at $135 million, which translated into adjusted net income of $21.2 million, or $0.60 per share. Compare those results with consensus estimates that called for $131.6 million in sales and $0.47 per share in adjusted profits. Adjusted EBITDA was $40.2 million, up from $23 million a year ago.

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Source Fool.com