Parrot rises on strong Q2 revenue growth driven by military drone demand
BUZZ-Parrot rises on strong Q2 revenue growth driven by military drone demand 3 August - ** French drone maker Parrot PARRO.PA rose about 3% after opening as much as 10% higher, following strong Q2 results driven by surging sales of its ANAFI UKR micro-drone
** H1 revenue reached 57.3 million euros ($66.02 million), with micro-drone revenue jumping 178% YoY in Q2 as deliveries expanded across the United States, Canada, Australia, Switzerland, the Netherlands, Finland and France.
** Cantor Europe analyst Bharath Nagaraj highlighted a return to growth in Parrot's critical infrastructure software business, supported by multi-year contracts in German fibre infrastructure, UK water and U.S. energy
** Parrot reached operating breakeven for a second consecutive half and reduced cash burn to 2.2 million euros from 13.7 million euros a year earlier, while guiding for further double-digit revenue growth in Q3
** Including the session's rise, the stock has gained 38.38% YTD
($1 = 0.8679 euros)
(Reporting by Jerome Terroy)