LiveRamp Holdings, Inc. (RAMP) saw its stock price surge 6.38% in pre-market trading on Thursday, following the release of its impressive third-quarter earnings report. The data connectivity platform provider significantly outperformed analysts' expectations, demonstrating robust growth and financial strength.
The company reported adjusted earnings of $0.55 per share for the quarter ended September 30, handily beating the mean expectation of $0.48 per share from six analysts. This performance also marked an improvement from the $0.51 per share reported in the same quarter last year. LiveRamp's revenue skyrocketed by 112.8% to $394.65 million, far surpassing the analyst consensus of $197.27 million.
LiveRamp's strong performance extends beyond this quarter, with the company consistently beating earnings estimates in recent periods. The firm reported a net income of $27.42 million for the quarter, underlining its profitability. Despite the stock's 11% decline year-to-date prior to this announcement, Wall Street remains optimistic about LiveRamp's prospects. The current average analyst rating on the shares is "buy," with a median 12-month price target of $37.00, suggesting a potential upside of approximately 25.9% from its last closing price of $27.42.
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