NetSol Technologies Inc. reported a net loss for the fiscal fourth quarter yet still managed to beat Wall Street estimates, sparking a jump in the stock price.
The Calabasas company, which makes vehicle lease-management software for auto dealers and lenders, reported a net loss of $193,000 (-7 cents a share) for the quarter ended June 30, compared with a net loss of $8.1 million (-79 cents) in the same period a year earlier. Revenue increased 61 percent to $15.4 million.
The one analyst who follows the company expected a net loss of 15 cents on revenue of $13.2 million, according to Thomson Financial Network.
Chief Executive Najeeb Ghauri said the financial results underscore the momentum that has built in Netsol’s business.
“Much of the investment we made into personnel and infrastructure was done not just to get back to where we were, but to greatly exceed it,” Ghauri said in a prepared statement.
For the full fiscal year, Netsol reported a net loss of $5.2 million (-57 cents), compared with a net loss of $12.9 million (-$1.25) in the previous fiscal year. Revenue increase 40 percent to $51 million.
Shares closed up 51 cents or 9.8 percent to $5.70 on the Nasdaq.