Shares of Audible (ADBL) were among technology's winners Wednesday, vaulting 22% after the provider of digital audio content posted better-than-expected fourth-quarter results.
The company reported a loss of $700,000, or 3 cents a share, on revenue of $23.3 million. Analysts polled by Thomson First Call expected a loss of 7 cents a share and revenue of $21.9 million. During the year-earlier quarter, the company posted a loss of $2.2 million, or 9 cents a share, on revenue of $18.3 million.
"The fourth quarter of 2006 delivered across-the-board improved financial results for Audible," the company said. "We saw a strong seasonal sales lift during the quarter, as well as positive results from focused promotional merchandising efforts." Shares were trading up $1.79 to $9.74.
Sprint Nextel (S) rose 7% after the telecom outfit's fourth-quarter results topped Wall Street's expectations. The company earned $261 million, or 9 cents a share. Excluding items, earnings were $836 million, or 29 cents a share, a penny above analysts' consensus estimate. Revenue totaled $10.44 billion, beating Wall Street's target of $10.39 billion. A year earlier, the company earned $195 million, or 7 cents a share, on revenue of $9.79 billion. Adjusted earnings were $687 million, or 23 cents a share, in the year-earlier period.For 2007, Sprint Nextel continues to forecast revenue of $41 billion to $42 billion. Shares were trading up $1.33 to $19.78.