Why Shares of Avid Technology Surged Today

Shares of Avid Technology (NASDAQ: AVID) jumped on Tuesday after the technology provider for the media and entertainment industry reported its second-quarter results. While revenue declined, the company beat analyst expectations across the board. The stock was up about 9.8% at 1:20 p.m. EDT.

Avid reported second-quarter revenue of $79.3 million, down 19.7% year over year but about $1.9 million higher than the average analyst estimate. Subscription revenue soared 68.3% to $16.4 million, driven by an increase of 24,000 paid subscriptions to around 242,000.

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Source Fool.com