MicroAlgo (NASDAQ: MLGO) stock is soaring Friday following an announcement from the company. The algorithm-technologies specialist's share price was up 67.9% as of 10:15 a.m. ET, according to data from S&P Global Market Intelligence.

MicroAlgo published a press release this morning announcing it had developed a new backtracking search algorithm software. The company believes that the enterprise-search software will have a wide range of potential applications across various fields, and investors appear to be excited about the possibility for significant adoption among large businesses and research institutions. 

The new, backtracking search software starts with one possible solution for a search query and then searches for additional optimal and near-optimal solutions to the problem or request it's been presented with. Per the press release, MicroAlgo believes that its knowledge-enhanced search software has substantial potential for continued development. The company sees this category of search algorithm being used in a widening range of industries and expects that further evolutions for this technology will create opportunities for problem-solving and decision-making optimization in enterprises.

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Source Fool.com