Why Shares of Uniti Group Are Soaring Today
Shares of Uniti Group (NASDAQ: UNIT) surged on Tuesday after the communications infrastructure real estate investment trust reported its first-quarter results. The company beat analyst expectations across the board, updated investors on the sale of its U.S. towers, and lowered its outlook for 2020. Uniti stock was up 27% at 1:35 p.m. EDT.
Uniti reported first-quarter revenue of $266.2 million, up 2% year over year and about $0.6 million higher than the average analyst estimate. Adjusted funds from operations per share was $0.45, down from $0.59 in the prior-year period but $0.24 higher than analysts were expecting.
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Source Fool.com
