Callidus Software up after 1Q sales jump lifts results
NEW YORK—Shares of Callidus Software Inc. jumped in afternoon trading after the sales software maker posted an adjusted first-quarter loss much lower than Wall Street had expected.
The stock rose 35 cents, or 6.7 percent, to $5.57.
For the period ended March 31, the San Jose, Calif., company posted a loss of $2.6 million, or 9 cents per share, compared with a loss of $3.4 million, or 12 cents per share, in the year-ago period.
Excluding one-time items, including stock-based compensation and restructuring charges, the company posted a loss of $100,000, or less than 1 cent per share. Revenue rose 13 percent to $28.1 million from $24.8 million.
Analysts polled by Thomson Financial expected, on average, a loss of 9 cents per share on revenue of $25.3 million. Analysts typically exclude one-time charges.
For the second quarter, Callidus expects revenue of $28 million to $29.5 million, above analysts' $27.8 million forecast.
Northland Securities analyst Chad Bennett kept an "Outperform" rating and raised his price target to $8 from $6, implying he expects shares to rise about 53 percent over Wednesday's $5.22 close.
