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What:Shares of ClickSoftware Technologies Ltd rose 12% Wednesday after the automated mobile-workforce-solutions company released mixed fourth-quarter results.
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So what: Quarterly revenue climbed 12% year over year, to $34.5 million, helped by the addition of 22 new customers during the quarter. Of those, 15 were cloud subscriptions, bringing cloud subscription revenue to $5.7 million, compared to just $0.5 million in the same year-ago period. As a result, recurring revenue from cloud subscriptions and support reached 41% of ClickSoftware's total. This translated to adjusted net income of $3.6 million, or $0.11 per diluted share.
Analysts, on average, were expecting earnings of just $0.08 per share on slightly higher sales of $36.1 million.
"I am pleased to report the tremendous progress in our efforts to grow the Company while we and the market transition to a cloud subscription model," said ClickSoftware's founding CEO Dr. Moshe BenBassat. Despite its transition to a could-centric model, ClickSoftware's full-year 2014 revenue climbed 22% year over year, to $126.2 million.
Now what:For the full fiscal year 2015, ClickSoftware expects revenue of $140 million to $145 million, which should result in adjusted per-share earnings of $0.09 to $0.15. Wall Street was only modeling earnings of $0.11 per share on roughly the same sales of $142.5 million. While I personally prefer watching from the sidelines to monitor ClickSoftware's progress in its continuing transition, it's no surprise the market is bidding up ClickSoftware stock today.
The article Why ClickSoftware Technologies Ltd Stock Popped Today originally appeared on Fool.com.
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