Financial News
Spirent stock price surges 11% on first-half growth
Shares of Spirent Communications PLC (LON: SPT) surged more than 10% after the FTSE 250 company saw its revenue rise 7% in the first half of the year. Spirent stock price is now trading at an all-time high above GBX304.
Fundamental analysis: Good results despite challenging environmentSpirent, which provides lab test solutions to evaluate the performance of the latest technologies, said its revenue jumped 7% to £177.53 million, the company said. Moreover, the order intake rose 6% year-on-year to $232.1 million. As a result, a pre-tax profit almost doubled compared to a year ago
“Spirent has demonstrated a resilient business model at a time when remote connectivity is critical. We delivered progress across the portfolio and materially improved our profitability.” said chief executive officer Eric Updyke.
Its core business unit – Networks & Security – witnessed its revenue rose 8.4% despite the pandemic. The company has continued to deliver in areas of 5G, Cloud, and Internet of things (IoT).
“Spirent will continue to manage through the crisis, executing on our strategy, with a relentless focus on customer centricity, innovation for growth and operational excellence,” added Updyke.
Furthermore, Spirent released SimIQ, a testing tool focused on accelerating product development.
“With SimIQ, test engineers will now be able to utilize our simulators to test GNSS throughout the full design lifecycle, ultimately saving time and resources, while accelerating technology development,” said Martin Foulger, General Manager of Spirent’s Positioning, Navigation and Timing unit.
Technical analysis: Fresh record highsSpirent stock price rallied 11% to blow past yesterday’s high of GBX295 and log the fresh all-time high. As a result, Spirent share price erased all weekly losses and closed the week 8.57% higher. Last week, shares of Spirent gained over 10%.
Spirent stock daily chart (TradingView) The buyers have also cleared the 127.2% Fibonacci extension at GBX295.5, paving the way for a trip to a 161.8% extension at GBX336. Any pullback to GBX270 is likely to be seen as an opportunity to get on the long side.
SummarySpirent stock price printed an all-time high at GBX306 after the firm saw its revenue rise 7% in the first half of the year. Spirent also announced its new product – SimIQ, a testing tool focused on accelerating product development.
The post Spirent stock price surges 11% on first-half growth appeared first on Invezz.
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