adminBy Adriano Marchese
Shares of Thinkific Labs jumped Wednesday morning after the company reported a narrowed loss and revenue growth in its third quarter and said it will launch a share-repurchase program.
At 10:16 a.m. ET, shares were trading nearly 24% higher at 2.81 Canadian dollars ($2.04).
The Canadian cloud-based software platform reported a net loss of $931,874 in the quarter, compared with a loss of $10.7 million on total revenue of $15 million. Revenue in the quarter rose 13%, topping analyst expectations of a more modest rise to $14.7 million, according to FactSet.
Chief Executive Greg Smith said the company is now seeing the payoff from its actions over the last 18 months, resulting in its best quarter since its initial public offering on the Toronto Stock Exchange in April of 2021.
Thinkific also said it plans to launch a share-repurchase program to buy back up to 10% of its public float over the course of a year. The company said it plans to buy up to 2.4 million shares between Nov. 10 and Nov. 9 of next year.
Shares closed Tuesday at C$2.27. At that price, the value of the shares would be worth about C$5.5 million.
Write to Adriano Marchese at [email protected]
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