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Zedge News: Why ZDGE Stock Is Soaring 36% Today

Zedge (NYSEMKT:ZDGE) reported earnings for the fourth quarter of fiscal year 2020 on Thursday, and the results have ZDGE stock skyrocketing on Friday morning.

Group of friends watching smart mobile phones
Source: Shutterstock

The company identifies itself as a global mobile publishing and content platform provider. Zedge provides all types of content for your phone, including ringtones, wallpapers and videos. It even offers a premium membership designed for people to sell their own artistic creations.

Moreover, Zedge reported revenue of $2.7 million, which is better than Wall Street’s estimate of $1.96 million. The company also reported adjusted earnings per share (EPS) of 4 cents. This looks good next to expectations for per-share losses of 4 cents for the quarter.

Here is what else is worth mentioning from the most recent Zedge earnings report.

  • Adjusted EPS was much better than a 12-cent loss during Q4 2019.
  • Revenue for the quarter comes in 35% higher compared to $2 million during the same time last year.
  • Operating income of $400,000 is a major improvement year-over-year from a loss of $900,000.
  • Zedge earnings also includes a net income of $500,000.
  • That is way better than a net loss of $1.2 million from the fourth quarter of 2019.

Jonathan Reich, chief executive officer of Zedge, said this about the ZDGE stock earnings:

“Zedge had a strong fourth quarter and finished the year on a high note with encouraging momentum heading into our new fiscal year. The investments we’ve made in product development, combined with improved ad optimization, strong paid subscription growth and the cost reductions we implemented this past year helped us generate positive earnings per share in the fourth quarter.”

Additionally, the company does not include any guidance for FY2021. However, we know what Wall Street is expecting. Analysts are looking for per-share losses of 9 cents on revenue of $1o.33 million for the period.

ZDGE stock was up abut 36% as of Friday morning.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick Clarkson is a web editor at InvestorPlace.

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