Digital River Net Income Down in 3Q
Digital River Inc. reported a dip in its third-quarter net income on Monday, but the e-commerce services provider issued stronger-than-expected guidance that sent its shares up in after-hours trading. The company reported that it earned $5.9 million, or 15 cents per share for the quarter. That's down from $11 million, or 29 cents per share, in the same quarter last year. Adjusted for some special items, the company earned 20 cents per share. Revenue fell 14 percent to $85 million. Analysts polled by Thomson Reuters expected the company to earn 13 cents per share on revenue of $77.7 million. Analyst estimates typically exclude one-time items. The company said it won several major contracts and is very optimistic for its future. As a result, it expects to earn 28 to 31 cents per share for the fourth quarter on an adjusted basis. Analysts had forecast 28 cents per share. It expects to earn 87 to 90 cents per share for the full year on an adjusted basis, well-above the 77 cents analysts had forecast. Shares of the company rose $1.47, or 4.1 percent, in after-hours trading to $37.10.
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