Why Hospitality Software Provider Agilysys Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Agilysys Inc (AGYS) shares are up by 8% following the release of its Q2 FY24 results. The company reported a 22.8% Y/Y increase in net revenue to $58.6 million, surpassing the consensus of $56.79 million. Recurring revenue stood at $34.2 million, with subscription revenue accounting for 53.6% of total recurring revenue. Adjusted EBITDA rose to $8.1 million from $7.4 million in the prior year. The company raised its FY24 outlook for revenue to $235 million-$238 million and boosted subscription revenue growth guidance to 28% Y/Y.
October 24, 2023 | 1:08 pm
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Agilysys Inc's Q2 FY24 results exceeded expectations, leading to an 8% increase in its share price. The company also raised its FY24 revenue outlook and increased its subscription revenue growth guidance.
Agilysys Inc's better-than-expected Q2 FY24 results and the subsequent increase in its FY24 revenue outlook and subscription revenue growth guidance have positively impacted its share price. This indicates strong financial performance and future growth prospects, which are likely to attract investors and drive the stock price up in the short term.
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