Cerence gains on upbeat FY forecast, Q1 results beat

Cerence

08/02/2023 13:50

** Shares of Cerence Inc  CRNC.O  up 15.8% at $17.8
premarket
    ** The maker of AI-powered assistants for autonomous
vehicles forecasts FY23 rev in the range of $275 mln - $290 mln,
with the midpoint beating analysts' expectations of $280.7 mln -
Refinitiv data
    ** Co reports Q1 FY23 adj. earnings of 36 cents/shr vs
analysts' estimate of 9 cents/shr
    ** Revenue higher than projected in core business due to
stronger-than-expected contributions from connected services,
professional services, and fixed contracts - Cerence's CEO
Stefan Ortmanns
    ** Co beats EPS estimates for eight out of nine quarters
    ** CRNC shares gained 52.7% YTD, compared to a 75.8% drop in
2022
 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))