17 HOURs agoUpdate
Stamps.com soars 17% as its earnings crush expectations
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Stamps.com Inc. shares surged in Monday’s extended session after the Internet-based postage service turned in better-than-expected quarterly results. Stamps.com reported it swung to a first-quarter profit of $13.2 million, or 71 cents a share, from a loss of $970,000, or 6 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.72. Revenue grew 86% to $81.6 million. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $761 million. Stamps.com also raised its 2016 revenue outlook to $310 million to $330 million from $290 million to $310 million. It also hiked its adjusted EPS forecast to a range of $6.00 to $6.50 versus $5.00 to $5.50. Shares jumped 17% in after hours.