AudioEye AEYE is scheduled to reveal its second-quarter 2024 financial results on Jul 25.
The anticipated revenue, as per the Zacks Consensus Estimate, stands at $8.45 million, marking a 7.82% rise compared to the corresponding period last year.
Earnings per share are expected to be 10 cents, a decrease of 2 cents from the estimation 30 days ago.
AudioEye has consistently surpassed the Zacks Consensus Estimate for earnings in the past four quarters, with an average surprise of 100%.
Before delving into the upcoming report, let’s examine the factors that have influenced AudioEye’s performance.
AudioEye’s Market Performance
Audioeye, Inc. price-eps-surprise | Audioeye, Inc. Quote
Factors that Matter
The company’s second-quarter results are poised to benefit from increased demand for online services and a strong business trajectory.
Notably, growing traction across various channels, such as The Partner and Marketplace channel and SMB-focused products, is expected to reflect positively on AudioEye’s performance.
Moreover, with the attainment of SOC 2 Type 1 compliance in the first quarter of 2024, AudioEye is better positioned to cater to existing enterprise clients and tap into new opportunities.
In the previous quarter, AudioEye reported a 4% year-over-year revenue growth, amounting to $8.1 million. For the upcoming quarter, the company foresees revenues in the range of $8.4 million to $8.5 million.
Expanding partnerships and a growing clientele base have been pivotal in driving AudioEye’s revenue, a trend anticipated to persist into the upcoming quarter.
Furthermore, contributions from a diverse partner ecosystem, including prominent SaaS platforms serving municipalities and educational institutions, are likely to bolster AudioEye’s revenue streams.
Evaluating the Model Projections
As per the Zacks model, a favorable combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) augments the likelihood of an earnings beat. However, the scenario differs for AudioEye.
With an Earnings ESP of -26.32% and a Zacks Rank #3 presently, the odds are not in favor of an earnings beat for the company.
Stocks to Watch
Some stocks that investors might want to consider are those exhibiting a strong probability of beating earnings expectations this season.
Arista Networks ANET boasts an Earnings ESP of +0.95% and currently holds a Zacks Rank #1.
Arista Networks shares have surged by 45.3% year to date and are set to unveil their second-quarter 2024 results on Jul 30.
Apple has an Earnings ESP of +3.23% and holds a Zacks Rank #2 at present.
Apple’s shares have appreciated by 16.3% year to date, with the company set to announce their third-quarter fiscal 2024 results on Aug 1.
Cognizant Technology Solutions CTSH demonstrates an Earnings ESP of +0.09% and holds a Zacks Rank #2.
Cognizant Technology Solutions shares have experienced a marginal decline of 0.5% year to date, with the company planning to report their second-quarter 2024 results on Jul 31.
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