Why Internap Shares Popped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Internap have popped today by as much as 11% after the company reported better-than-expected earnings.
So what: Revenue in the fourth quarter came in at $69.7 million, slightly ahead of the consensus estimate of $69 million. Adjusted net income was $2.1 million, or $0.04 per share, which was twice the $0.02 per share adjusted profit that analysts were expecting. The company closed out the year with 3,700 customers.
Now what: CEO Eric Cooney said Internap has successfully integrated the Voxel business and the company will continue to focus on execution heading into 2013. Internap also recently expanded a data center in Atlanta and opened a new data center in Los Angeles and both have received Green Globes certifications. The company now has $28.6 million in cash and equivalents.
Interested in more info on Internap? Add it to your watchlist by clicking here.
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The article Why Internap Shares Popped originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.