BURLINGTON, Mass. (AP) _ Cerence Inc. (CRNC) on Monday reported fiscal fourth-quarter net income of $6.8 million.
The Burlington, Massachusetts-based company said it had profit of 17 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 61 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The automotive artificial intelligence developer posted revenue of $90.9 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $79.1 million.
For the year, the company reported a loss of $20.6 million, or 57 cents per share, swinging to a loss in the period. Revenue was reported as $329.6 million.
For the current quarter ending in January, Cerence said it expects revenue in the range of $85 million to $90 million.
The company expects full-year revenue in the range of $360 million to $380 million.
Cerence shares have nearly tripled since the beginning of the year. The stock has more than quadrupled in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRNC at https://www.zacks.com/ap/CRNC
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News