Shares of Guidewire Software, Inc. (GWRE) are rising more than 10% Friday morning after reporting upbeat fourth-quarter earnings, better than the consensus estimate.
The company reported net income of $12.2 million or $0.15 per share for the fourth quarter compared with a loss of $$31 million or $0.37 per share in the same quarter a year ago.
Excluding one-time items, earnings were $62.8 million or $0.74 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.38 per share.
Revenue for the quarter was $270.0 million, an increase of 10% from the same quarter last year, helped primarily by growth in subscription and support revenue. Subscription and support revenue increased 25% year-on-year at $117.3 million.
GWRE, currently at $94.10, touched a new high of $94.89 this morning.
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