First Advantage surges on higher Q3 revenue, extended share buyback plan

First Advantage

08/11/2022 15:20

** Shares of tech firm First Advantage Corp  FA.O  jump
13.6% to $11.78 in morning trading
    ** Stock on track for biggest one-day pct. gain since August
2021 if gains hold
        ** Co's Q3 revenue rises 6.8% to $206 mln vs $192.9 mln
a year earlier 
    ** FA board approves a $100 mln increase to the originally
authorized $50 mln share repurchase plan; Extends program
through Dec. 31, 2023  
    ** Still, FA cuts FY22 revenue forecast to between $813 mln
and $820 mln compared to $823 mln to $835 mln previously 
    ** Co says significant FX headwinds and macro-related
softness in its international segment are the primary reasons
for the forecast cut 
    ** Analysts on average are expecting $832.4 mln in revenue,
according to IBES data from Refinitiv 
    ** Including session gains, shares down ~36.9% YTD 
 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))