stock price soared in premarket trading Wednesday after posting stronger-than-expected second-quarter revenues and profits as well as a solid forecast for its next quarter.
The company’s stock had swooned by close to 20 per cent in May when it warned operating expenses would climb from the first quarter by an amount in the low to mid-single digit percentage range. But in Wednesday’s report, operating expenses actually fell by nearly 8 per cent from the first quarter, to US$804-million, while operating expenses as a share of revenue came in at 39.3 per cent, down from 43.5 per cent.
The results “assuage some fears costs would keep moving up,” ATB Financial analyst Martin Toner said in an interview.
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