Why Zix Stock Briefly Popped Today

Shares of Zix (NASDAQ: ZIXI) briefly popped today, rising as much as 13% earlier in the session after the company reported third-quarter earnings results. The stock has since given back most of those gains and is now up less than 1% as of 1:46 p.m. EST.

Revenue in the third quarter was $54.8 million, topping the consensus estimate of $52.8 million. That resulted in adjusted net income of $9.2 million, or $0.17 per share, while Wall Street analysts were looking for just $0.15 per share in adjusted profits. The email cybersecurity technology company reported annual recurring revenue (ARR) of $222.3 million. Zix also said it had acquired data backup and recovery specialist CloudAlly.

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Source Fool.com