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Fusion-io Takes Top After-Hours Leader Role After Earnings
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Fusion-io, Inc. (NYSE: FIO) is trading as though it perfected cold fusion after earnings. The storage outfit for decentralizing data blew past estimates and its shares are soaring this afternoon. Guidance is higher as well.
Earnings came in at $0.09 EPS and its revenue was up to $106.6 million. We were looking for estimates of only $97 million or so on earnings of almost $0.04 per share. Fusion-io now sees revenues increasing modestly on a sequential basis, and that would put it ahead of the $104 million expected. As far as all of 2012, the new target is revenue growth of 45% to 50% versus something under 40%.
What is interesting is that this is a company tied to Steve Wozniak and shares had been cut in half. Shares were down 2% at $21.02 in regular trading and the 52-week range is $14.90 to $41.74. The after-hours session has shares up over 22% at $25.75 so far and the pre-news consensus price target from analysts was $29.46 before the effects of this news.
This is the biggest winner we see so far in Thursday’s after-hours trading session.
JON C. OGG
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