NetSol Technologies Inc. beat Wall Street estimates for revenue in the fiscal fourth quarter.
The Calabasas financing software provider to the auto and equipment leasing industries reported on Thursday net income of $2.4 million (19 cents a share) for the quarter ending June 30, compared with a net loss of $193,000 (-7 cents) in the same period a year earlier. Revenue jumped 24 percent to $19.1 million.
One analyst who follows the company anticipated revenue of $16.7 million, according to Thomson Financial Network.
Chief Executive Najeeb Ghauri said the financial results show solid demand for the company’s software and continued execution of the growth strategy.
“Looking to fiscal 2017, we see meaningful opportunity to continue to grow and scale our client base, and will continue to make additional investments across our business to expand our share in all our markets,” Ghauri said in a prepared statement.
Shares closed up 37 cents, or 6 percent, to $6.55 on the Nasdaq.