Stock Alert: Cerence Jumps 10% On Upbeat Results, Outlook

(RTTNews) - Shares of artificial intelligence solutions provider for the automotive market, Cerence Inc. (CRNC) are rising more than 10% Monday morning after the company reported upbeat third-quarter results. It also provided fourth quarter and full-year revenue outlook, exceeding the Street view.

The stock touched a new high of $79.84 this morning.

The company reported earnings on an adjusted basis of $0.61 per share compared with $0.52 per share in the same quarter a year ago. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share.

Revenue for the quarter increased to $90.9 million from $83 million last year. The consensus estimate stood at $79.33 million.

For the first quarter, revenue is expected to be in the range of $85 million to $90 million. Analysts see revenue of $82.1 million for the quarter.

The company expects full-year revenue to be in the range of $360 million to $380 million. The consensus estimate is for $316.38 million.