NEW YORK (TheStreet) -- Shares of TriNet Group
(TNET) are surging 10.01% to $27.19 after the company reported better than expected second quarter earnings results after yesterday's close.
The business solutions company posted adjusted net income of $17.4 million, or 24 cents per diluted share for the quarter, up from $12.1 million, or 18 cents per diluted share, in the same quarter of last year, and beating analysts' estimate of 22 cents per share.
Revenue for the quarter was $124.8 million, up from $94.2 million in the second quarter of 2013, and higher than the consensus estimate of $120.23 million.
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Separately, Stifel Financial (SF) reiterated TriNet Group's "buy" rating this morning, and raised its price target to $31 from $28.