Smith Micro Software soars on 2008 estimate above Street consensus view
Smith Micro Software, Inc. (Nasdaq: SMSI) shares are jumping after the developer of cell phone software said it expects 2008 revenue of between $95 million and $105 million. Wall Street analysts, on average, project fiscal year revenue of $102 million.
After Wednesday’s closing, Smith Micro posted fourth-quarter net income of $0.7 million, or $0.02 per share, from $3.6 million, or $0.14 per share, a year earlier. Analysts expected $0.20 per share.
Quarterly revenue rose 16% to $20 million, from $17.2 million during the same period of 2006. Wall Street analysts, on average, projected revenue of $20.4 million.
On Thursday, Morgan Joseph analyst Kevin Dede increased his 2008 earnings estimate to $0.60 per share, from $0.55 per share. In contrast, Needham & Co. analyst Richard Valera reduced his 2008 earnings estimate to between $0.60 and $0.75 per share and his sales estimate to a range of $93.8 million to $96.8 million.
In Thursday’s trading, SMSI shares soared 28.57%, or $1.46, to $6.57. Over the last 52 weeks, shares have ranged from $4.44 to $21.20.
