Why Cerence Stock Skyrocketed Today

Shares of Cerence (NASDAQ: CRNC) have skyrocketed today, up by 19% as of noon EDT, after the company reported fiscal third-quarter earnings. The results crushed analyst expectations for both the top and bottom lines.

Revenue in the fiscal third quarter came in at $74.8 million, well above the $61.5 million in sales that Wall Street was looking for. That translated into adjusted net income of $12.1 million, or $0.31 per share. Analysts were modeling for just $0.07 per share in adjusted profits. The automotive technology specialist said bookings were gaining momentum.

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Source Fool.com