Why Is SolarWinds Stock Trading Higher Thursday?
Portfolio Pulse from Anusuya Lahiri
SolarWinds Corp (NYSE:SWI) stock rose after reporting Q4 FY23 revenue of $198.14 million, surpassing the consensus of $190.44 million, with a 6% year-on-year growth. Adjusted EPS was $0.24, beating the consensus of $0.21. Subscription revenue increased by 36.3% Y/Y, while License revenue declined by 31.5%. The company also provided an optimistic outlook for Q1 and FY24, expecting revenues and adjusted EPS to meet or exceed consensus estimates. Shares traded 4.83% higher at $13.03 in premarket trading.
February 08, 2024 | 2:15 pm
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SolarWinds Corp reported a strong Q4 FY23 performance with revenue and EPS beating consensus estimates, driving its stock up by 4.83% in premarket trading.
The positive earnings report, with both revenue and EPS surpassing consensus estimates, indicates strong financial health and operational efficiency. The significant growth in subscription revenue highlights the success of the company's subscription-first strategy. The optimistic outlook for Q1 and FY24 further supports the potential for continued growth, making this news highly relevant and important for investors. The premarket stock price movement reflects immediate positive investor sentiment.
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