Shares of Quotient Technology (NYSE: QUOT) soared on Wednesday following the release of the company's third-quarter results. The stock was up by 24.7% as of 1:20 p.m. ET, having gained as much as 26.6% earlier in the day.

At first glance, Quotient's results landed somewhere between "terrible" and "not too impressive." Revenue fell 48% year over year to $70.3 million and net losses landed at $0.07 per share, a slight improvement from the year-ago period's loss of $0.08 per share. The results fell short of Wall Street's consensus estimates, which pointed to positive earnings of $0.04 per share on revenue near $74.7 million.

However, Quotient also had some good news for investors. The company raised enough cash to close out a $105 million convertible debt balance through a $55 million term loan and a $50 million revolving credit line. The remaining $100 million of the debt, which was scheduled to expire in December 2022, will be paid down out of Quotient's $208 million cash reserve. This move avoided a potentially devastating dilution of the stock, as the debt notes could have nearly doubled the company's share count if they had been converted into common stock instead.

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Source Fool.com