Smaller tech stocks magicJack VocalTec Ltd (NASDAQ:CALL) and Plug Power Inc (NASDAQ:PLUG) gained significantly on Thursday after reporting better than expected earnings. Shares of Plug Power and magicJack jumped 8.6% and 19.5% respectively after earnings reports from the both the companies beat analysts’ expectations. Both the shares have historically been volatile so a big jump isn’t anything new, but a double digit bump is something that is still pretty rare.
Top line driven by orders from big brands
Plug Power Inc (NASDAQ:PLUG), which is a fuel-cell company, posted earnings of $0.08 a share on revenue of $8 million; marginally beating analysts’ expectations. Quarterly revenue was also ahead of previous year revenues of $5.92 million by 35.1%. For 2013, total revenue for the company came in at $26.6 million compared to last year’s revenue of $26.1 million. For the fourth quarter, order bookings came in at $32 million.
The Electron Global Fund was up 2% for September, bringing its third-quarter return to -1.7% and its year-to-date return to 8.5%. Meanwhile, the MSCI World Utilities Index was down 7.2% for September, 1.7% for the third quarter and 3.3% year to date. The S&P 500 was down 4.8% for September, up 0.2% for the third Read More
The top line of the company was driven by sales and maintenance orders from brands like Wal-Mart, The Kroger Co. BMW and Mercedes-Benz. For 2014, the company expects revenue to be around $70 million, and for the first quarter the revenue is expected to be between $5 million to $6 million.
magicJack revenue well ahead of estimates
magicJack VocalTec Ltd (NASDAQ:CALL), a digital telephone service firm, reported earnings of $0.69 per share on revenues of $38 million, well above the analysts expectations of $0.41 per share on revenues of $36 million.
For 2014, the guidance given by the company is also well ahead of analyst estimates. Revenue is expected to come in at $160 million, well ahead of the analyst’s projections at $142 million. Adjusted EBITDA is expected at $50 million compared to the analysts’ estimates of $46 million.
magicJack VocalTec Ltd (NASDAQ:CALL) CEO Gerald Vento praised the strong demand of the company’s digital telephony services, which fueled the growth in magicJack service and app users. In a statement, the CEO said, “The transformation of magicJack is well under way and we expect our updated branding and expanding distribution channels to pay dividends as the year progresses.”
At 10.30 am, shares of magicJack VocalTec Ltd (NASDAQ:CALL) were up around 3% to $21.75 while shares of Plug Power were down 1% to $7.91.