Nuance posts 3Q profit, shares tick up
Nuance Communications Inc. posted a profit Tuesday for its fiscal third quarter, edging past Wall Street's expectations. The stock rose.
The Burlington, Mass.-based company reported higher sales to medical facilities, which use Nuance's speech recognition software for transcription, and to mobile and consumer electronics makers, which use the technologies for voice control and other features.
In the three months ended June 30, the company earned $41.6 million, or 13 cents per share, versus a loss of $1.5 million, or a penny per share, a year ago. Adjusted net income was 35 cents per share, a penny per share ahead of the 34 cents per share that analysts polled by FactSet were expecting.
Revenue rose 20 percent to $328.9 million, short of the $334.8 million analysts were expecting.
Shares rose 79 cents, or 4.7 percent, to $17.54 in extended trading, after the results were reported. They had risen $1.16, or 7.4 percent, to finish the regular trading session at $16.75.