Shares of ION Geophysical Corp. (IO) are soaring over 170% in pre-market today, after the company announced that it expects first quarter 2020 revenues to be in the range of $56 million – $57 million, over 50% greater than the first quarter 2019 and over 30% greater than the fourth quarter 2019. Three Wall Street analysts have a consensus revenue estimate of $39.2 million for the quarter.
“Given the unprecedented market uncertainty from a convolution of demand and supply-side events, from both the COVID-19 pandemic and geopolitical oil price impact, we felt it was prudent to provide a preliminary update on our revenues,” said Chris Usher, ION’s President and Chief Executive Officer.
The stock has been trading in the range $1.13 – $16.87 for the past one year, and closed Wednesday’s trade at $1.16, down 11 cents or 8.66%. IO is currently trading at $3.17, up $2.01 or 173.28% in the pre-market trading session.
Source: Read Full Article