Content distribution platform Zedge, Inc. (NYSE: ZDGE) reported profit for the third quarter of 2021, compared to a loss last year, as revenues more than doubled year-over-year. The company’s stock gained Thursday evening soon after the announcement.
Third-quarter net income was $1.9 million or $0.13 per share, which marked an improvement from last year’s loss of $0.3 million or $0.03 per share. Analysts had forecast a lower profit for the latest quarter.
Driving the turnaround, revenues more than doubled to $5.25 million and topped Wall Street’s expectations. The company had 34.5 million active users at the end of the quarter.
Zedge’s shares rose 45% since last month and closed Thursday’s regular session higher. The stock gained further during extended trading, immediately after the announcement.
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